Oil Stocks Slide, LNG Licences Expand as Middle East Conflict Rattles Singapore

Singapore's onshore oil product stocks slid to their lowest level since mid-June, hovering at 37.95 million barrels in the week of July 29—a 1.69 million barrel drop from the prior week—as the Middle East conflict continued to rattle energy markets. The decline came even as global oil prices pulled back from sharp gains, with Brent crude trading near US$89 a barrel after the US wrapped up fresh strikes on Iranian military targets.

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