In addition, oil is not scarce worldwide. The amount stored in tankers is 1.8 percent higher than in the last week of May, according to the analysis company Vortexa. Measured against the level at the beginning of May, the plus is even twelve percent. Growing inventories usually depress the price of oil. Although stocks are currently very volatile, the average trend is upwards.
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The euphoria about Saudi Arabia’s production cuts is also contained on the stock market. Oil stocks like Saudi Aramco or TotalEnergies increased between 1.0 and 1.5 percent. The market as a whole, represented by the MSCI World stock index, was up 0.5 percent. So to speak of a rally would be an exaggeration.