April 12 (Bloomberg) -- Commercial oil inventories in industrialized nations fell less than average in February, the International Energy Agency said, boosting its estimate for forward-demand cover.
Stockpile levels among members of the Organization for Economic Cooperation and Development fell by 12.4 million barrels, compared with a five-year average of 38.8 million, the IEA said today in its monthly Oil Market Report.
“Firm global supply and rising OPEC exports, amid muted refining activity, built OECD crude oil stocks,” the IEA said.
The agency raised its estimate for forward-demand cover, which is calculated based on average daily consumption for the next three months, according to its website. Forward-demand cover rose to 59.6 days in February, up 1.2 days from the previous month, the IEA said.
Crude holdings increased by 17 million barrels in February, gaining 5.2 million barrels in North America, 7.5 million barrels in Europe and 4.3 million barrels in the Pacific, the IEA said.
The number of days of forward cover is one indicator the Organization of Petroleum Exporting Countries looks at to assess the balance of supply and demand in oil markets.
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