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The IEA lowered its non-OPEC supply growth estimate by 350,000 barrels a day last week, the first cut since the xxxx forecast was introduced in July. That will lead to a ?rebalancing? of oversupplied markets in the second half, reviving prices, the agency said. The U.S. Energy Information Administration reduced its xxxx U.S. production outlook in a Jan. 13 report by 10,000 barrels a day to 9.31 million. The drop in the U.S. oil rig count of 209 was the steepest six-week decline since Baker Hughes Inc. (BHI) began tracking the data in July xxxx. The total tumbled 55 in the week ended Jan. 16 to 1,366. ?The rig count fell pretty dramatically and people were speculating that there could be more cutbacks in production,? Phil Flynn, senior market analyst at the Price Futures Group in Chicago, said by phone Jan. 16. ?That was a momentum changer.?