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The weekly report from the US Department of Energy confirmed the current tightness in the oil market. US Crude oil inventories fell by 4.8mb last week and gasoline and distillate inventories also fell, so that overall crude oil and product inventories are at their lowest level since 2015. Demand also appeared very strong. More details in yesterday’s News.
Oil prices rebounded to over $90/b for Brent and above $90/b for WTI, but are struggling to hold on to their gains as talk of a possible Iran nuclear deal continues. OPEC’s monthly report will be released today and we will have the stocks in Europe this time
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