Oil markets getting tighter

Opec production cut, effective from January 1, and continued production problems at several places are starting to have impact on the global crude markets and tightening oil markets.

US crude inventories have reportedly dropped by three million barrels in the week to January 7, to almost 289 million barrels. The US data also showed a 500,000 barrels decline in US heating oil stocks to 49.6 million barrels. This was despite the fact that overall distillates supplies increased by 1.9 million barrels to 123 million.

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