Commercial oil stocks in industrialized economies have fallen to their lowest level in three years, the International Energy Agency said Wednesday, in the latest sign that the global supply glut has been mopped up and the market rebalanced.In its closely watched monthly oil market report, the IEA said commercial oil inventories for the Organization for Economic Cooperation and Development countries declined in March by 26.8 million barrels month-on-month to 62.819 billion barrels. That’s 1 million barrels below the latest five-year average metric widely used by oil market participants to assess the rebalancing process.The IEA suggested the drawdown in stocks was evidence that efforts led by the Organization of the Petroleum Exporting Countries to cut crude output had succeeded in clearing up excess global supply that has weighed on the oil market since late 2014.
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