OECD countries’ crude stockpile rise in October

The total commercial oil inventories in OECD countries rose by 62.7 million barrels year-on-year in October, reaching 2.833 billion barrels, according to the monthly report of OPEC, released on Thursday.

However, this is 32 million barrels lower month-on-month, and about 12.4 million barrels below the five-year average. It is also 112.7 million barrels below the average for the 2015–2019 period.

Preliminary data indicates that total US commercial oil inventories increased by 6.6 million barrels MoM in November to 1.276 billion barrels.

This level is nearly 29.1 million barrels higher YoY, and 400,000 barrels above the five-year average.