OECD oil stocks increased again in November, but by far less than they have been growing since June. Total tanks added just 5 million barrels for a total of 2.87 billion bbl — essentially a rounding error. With demand growth still strong in the fourth quarter and Opec cuts around the corner, November inventory data suggests OECD stockbuilds are nearing a peak for 2018 and will start to turn down after January.
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