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OPEC's war on oil overhang starts to bear fruit

Stocks of oil products are also steadily drawing down

Reuters  |  London 

OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The price of oil may not reflect this just yet, as Brent crude futures are struggling to recover its losses for the year to date and break above $55 a barrel. But there is no doubt that stocks are falling around the world, from Saldanha Bay in South Africa, to the Caribbean. A persistent glut of Nigerian oil is easing and even Iran has liquidated the amount of crude held in floating storage. The Organization of the Petroleum ...

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First Published: Wed, April 12 2017. 02:07 IST