Singapore fuel oil stocks jump, imports from Iraq hit record high

Brent crude futures rose 49 cents to settle at US$73.93 a barrel, a 0.67 percent gain. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents to settle at $69.30 a barrel, a 1.14 percent gain. (Crude oil storage tanks are seen at the oil hub in Cushing, Oklahoma. - Reuters filepic)

SINGAPORE: Singapore fuel oil inventories jumped 13 percent to a four-week high in the week ended Nov. 21, despite an 18 percent drop in net imports to a two-week low, official data released on Thursday showed.

- The higher inventory levels were in line with market expectations of increased arbitrage flows into Singapore in November, compared with the previous month, with more volumes due for
arrival in the second half of the month, trade sources said.