Oil inventories in advanced economies tumbled in the fourth quarter by the most since 1999 because of “surprising robustness” of demand in the U.S. and other developed nations, the International Energy Agency said. The IEA, a Paris-based adviser to oil-consuming nations, also boosted forecasts for global fuel demand this year and the amount of crude that will be required from the Organization of Petroleum Exporting Countries. Stockpiles of crude and refined products shrank by 1.5 million barrels a day in the last three months of 2013 to end the year at 2.6 billion, their lowest level since 2008, the IEA said. “Far from drowning in oil, markets have had to dig deeply into inventories to meet unexpectedly strong demand,” the agency said. “A glut is looking increasingly elusive. U.S. demand strength likely reflects in part a structural response to the country’s supply bounty,” as surging shale oil output lowers […]