A 12mn bl build in US crude and product stocks in June was offset by a draw in Europe, where inventories are close to a nine-year low. Low crude runs and a Norwegian oil workers strike prompted large draws in stocks of crude and products in Europe last month. Euroilstock reported a draw of over 415,000 b/d, which left total EU-16 inventories 37mn bl down on the previous year and at a nine-year low for the end of June. Stocks fell by 250,000 b/d during the second quar- ter, more than offsetting the first-quarter build.
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