New York — Oil prices rebounded from a one-week low on Thursday as the International Energy Agency said oil markets were tightening even before cuts agreed by OPEC and other producers took effect. The IEA said that while it was "far too soon" to gauge OPEC members’ levels of compliance with promised cuts, commercial oil inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December. Trading was relatively quiet early in the US session as traders awaited weekly inventory data from the US Energy Information Administration (EIA) at 16:00 GMT. American Petroleum Institute (API) data on Wednesday showed U.S. crude stocks fell 5.04 million barrels in the week to January 13, well above the expectations of a 342,000-barrel decline. The data also showed much larger-than-expected increases in stocks of gasoline and distillates. "Only the weekly reports of US inventory levels can reveal quickly whether the tightening of supply is...
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