The amount of crude stored at the world’s largest oil-trading hub has hit a two-year high, according to data released on Monday, in another sign that the world has an oversupply of petroleum that won’t end soon. Crude stocks reached 60.6 million barrels in June at a network of storage tanks in the Dutch ports of Amsterdam and Rotterdam and Belgium’s Antwerp, a hub known as ARA, according to Genscape. That is a record since the Louisville, Ky.-based information company started tracking ARA storage in 2013. The stocks have risen by 10 million barrels since April 3 alone, Genscape said.
Oil prices rose on Thursday after the United States and China signed an eagerly awaited Phase 1 trade deal, giving some relief to markets, but gains were capped as the International Energy Agency said it expected oil production to outstrip demand.
Trade sources and analysts said China could struggle to meet the target and gains in oil are likely to be limited ahead of more detail on how the commitments will be achieved.
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