OPEC sees ample crude stocks to cover demand

OPEC said on Tuesday that crude oil inventories were more than enough to cover fuel demand during the peak summer travel season, rebuffing calls from consumers for more supply.

The monthly report from the Organization of the Petroleum Exporting Countries also showed members were keeping a lid on supply, despite a rise in prices to above $66 a barrel from about $50 in January.

“Heading into the driving season, crude oil stocks are more than adequate to meet expected demand. However, gasoline stocks are low for this time of year,” OPEC’s report said.

FinancialPost