COVID-19 Has Been Anything But Bleak For Oil Storage Market, Says Fairfield Market Research texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.
The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions.
Singapore residual fuel oil inventories climbed 5% in the week to June 9, extending sharp gains from the previous week as export volumes plunged, official data showed on Thursday.
By Reuters Staff
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FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
(Reuters) - U.S. crude stocks fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.2 million barrels in the week to June 4 to 474 million barrels, the 11th straight weekly inventory decline as refiners have boosted output as the economy recovers after the COVID-19 pandemic and in anticipation of more summer driving.