Page 3 - Repi Storage News Today

Oil prices firmed slightly on Tuesday, after falling 2% in the previous session, as stronger economic data from the world's largest crude importer China underpinned the demand outlook.

Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.

U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said on Wednesday, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export.

Residual fuel oil stocks at key trading hub Singapore climbed to its highest in over a year, official data showed Thursday, as storage demand remained firm.

U.S. crude oil stockpiles fell more than expected last week due to strong export and refining demand, the Energy Information Administration said on Wednesday,

Crude prices rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supplies and fears of a global banking crisis eased.

Anglo-French oil company Perenco's UK unit said on Wednesday it had recovered about 60% of the estimated oil leaked on Sunday at one of its well sites in Wytch Farm in Dorset, southern England.

It could take years for the United States to refill the Strategic Petroleum Reserve, the energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983.