Earlier evidence of a massive surplus of oil supply over demand in January has been confirmed by preliminary indications of inventory changes and more complete supply-demand data. In fact, according to data from Interna- tional Oil Daily sister publication Oil Mar- ket Intelligence, an “observed” increase in stocks of 2.8 million barrels per day ex- ceeded the build implied by supply-de- mand figures by 600,000 b/d.
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