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FUJAIRAH / WAM
Oil product stocks at the Middle East’s key oil hub of Fujairah fell another 3.3 percent in the week, a new seven-week low, as light distillate inventories slipped to their lowest level of the year.
Total oil stocks were 18.114 million barrels, down 625,000 barrels from a week earlier, according to the Fujairah Energy Data Committee.
Light distillates had the biggest decline again in the week, falling 15.9 percent to just 4.83 million barrels, the lowest so far this year, the data showed.
Gasoline demand east of Suez has seen improved sentiment led by stronger US cracks and the emergence of additional demand from other regions. Recent fixtures have seen East Africa, Latin America and the US Atlantic Coast sourcing gasoline barrels from Asia and the Middle East, S&P Global Platts Analytics said in a
report Wednesday.