Below Seasonal Average -Lowest in a Decade

“OECD inventories now 88mn bls below seasonal average – in absolute terms lowest in a decade – supportive of strong spot oil prices. OECD inventories remain tight due to combination of stronger global demand and weak OPEC supply. On a 3-6 month basis, we see a more balanced oil market due to non-OPEC growth and a recovery in OPEC supply from Iraq/Libya.” (Goldman Sachs)

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