Crude stocks in the main reporting areas fell last month as major supply disruptions cut global output. This was the first draw since November last year, and the year-on-year crude stock overhang of 50mn bl is now just half of what it was in January. But products inventories rose in all areas last month, partly reversing the winter drawdown. Total stocks of crude and products in the US, EU 16 and Japan have risen by 60mn bl since the beginning of this year - an average of 400,000 b/d - and are still 150mn bl up on a year earlier.
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