Europe Oil-Product Stocks Drop Below 5-Year Level, IEA Says
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European oil-product inventories fell below the five-year average in January for the first time since November 2007, the International Energy Agency said.
Middle distillate fuels including diesel and gasoil led the decline, dropping by 6.5 million barrels, the IEA said today in its monthly oil-market report. Demand for diesel and gasoil, which is used in heating, has been “strong,” the IEA said.