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Oil supplies rose in June: IEA

Oil supplies rose in June: IEA


Global oil supplies rose by 0.6mb/d in June, to 96mb/d, after outages curbed OPEC and non-OPEC supplies in May, the IEA reported in its July Oil Market Report, released on Wednesday 13 July. Oil demand in the second quarter of 2016 was supported by “robust” European demand, with global demand growth expected at around 1.4mb/d year-on-year, momentum that will be “roughly matched through the year as a whole.” Crude oil prices dropped from an early June peak of more than $52/bbl, trading within a $45-$50/bbl range. Factors driving the fall including growing uncertainty over the global economy and the related dollar strength, but this was counter-balanced by further declines in US production and inventories.

IEA