Oil jumps off lows, IEA sees H1 deficit after Opec cuts

Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in US inventories and data from the International Energy Agency (IEA) suggesting Opec cuts should create a crude deficit in the first half of 2017.

"For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve," the IEA said in its monthly report.

Brent futures rose more than $1 from Tuesday's close. By 1137 GMT, oil was up 92 cents at $51.84 a barrel. Prices had hit a three-month low of $50.25 during the previous day's trading.

U.S. West Texas Intermediate crude was up 99 cents at $48.71 and had also climbed more than $1 during Wednesday's trading. On Tuesday, the price fell to $47.09, also the lowest since November.