10/18/2022, 3:42 PM (Source: TeleTrader)
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European emergency oil stocks rebounded slightly in July - Eurostat

The levels of emergency oil stocks slightly recovered in July 2022, according to a report published by Eurostat on Tuesday.

"In July 2022, the EU held 103.6 million tonnes (mt) of emergency oil stocks, an increase of 2.5% from June 2022. July data show a recovery from the previous month," said the bloc's statistic office.

Crude oil and petroleum products are critical to the EU economy, and given its reliance on oil imports, maintaining emergency oil stocks indicates greater energy security.

Baha Breaking News (BBN) / JG