OECD commercial oil stocks sink YoY in August

The Organisation for Economic Co-operation and Development's (OECD) commercial oil stocks slumped by 0.5 million barrels month-on-month (MoM) to 2.79 billion barrels in August.

Moreover, the inventory was down 45.7 million barrels year-on-year (YoY). This is about 92.2 million barrels below the five-year average, and 192 million barrels less than the 2015-2019 average.

Preliminary data, however, showed that total US commercial oil stocks gained nearly 21 million barrels YoY, and is also almost 0.5 million barrels higher than the five-year average.