SINGAPORE (Reuters) - Oil product inventories in the Singapore storage and trading hub rose nearly 6% on-week to 56.8 million barrels in the week ended July 8, their highest since August 2016, official data showed.
The increase in inventories were led by gasoline and fuel oil, where the levels of the former was over a 15-month high and the latter was at the highest since March 2017.
Supplies of the fuels remained aplenty across regions as gasoline cargoes from Europe and the United States continued to find their way to Asia, while fuel oil inventories in northwest Europe and the United Arab Emirates were at record highs in June.
A spike in new coronavirus infections in countries such as the United States, world’s largest gasoline consumer, and Australia which imports gasoline, could derail petrol demand as these countries reintroduce lockdown measures, industry sources said.
Reporting by Seng Li Peng, Roslan Khasawneh and Koustav Samanta; Editing by Edmund Blair and Sherry Jacob-Phillips