The oil market is starting to look oversupplied, as stocks build and demand growth slows.Argus puts the global stockbuild at 500,000 b/d in the first half of 2010, despite world oil demand rising by 2.5mn b/d. Global stocks of crude and products, including crude in transit and floating storage, reached their highest level in at least a decade last month. Onshore inventories rose by 20mn bl, led by a large build in US products. And a surge in eastbound trade added over 1 Omn bl to crude in transit.
展开▼
