OECD countries’ oil stocks reached record high

Recovery is seen in the oil market at the start of the new week in response to the increased geopolitical risks due to the terrorist attacks in Paris on Saturday.

The Brent price has been inched up to $45 per barrel today morning after having hit a 2½-month low of $43.6 on Friday. The International Energy Agency (IEA) observes the oil market is over supplied. 

"Despite a nearly 2 million barrel per day increase in demand, oil stocks in the OECD countries grew to a record level of almost 3 billion barrels at the end of September. This is due to an ongoing buoyant supply of oil, both OPEC and record-high oil production in Russia playing their part in this. In view of the high stock levels, the IEA is talking of an unprecedented buffer against geopolitical shocks or unexpected supply disruptions", says Commerzbank.