EU's emergency oil stocks "at comfortable level": official

The European Union (EU)'s emergency oil stocks are at "comfortable levels" and have been largely unaffected by last year's releases, the European Commission (EU) announced on Tuesday.

In a press release, the EC said the 25 EU members held 117 days of consumption in reserve, well above the 90 days they are required to keep.

Several EU countries released stocks last year to meet demand and ease the pain of soaring prices after Hurricane Katrina knocked out U.S. oil refineries, highlighting the increasing hunger for oil from growing economies such as India and China.

The EC said it believed higher oil prices could start hurting European or global economic growth in the coming months even though they have not hurt prospects so far despite two years of expensive energy.

"The current level of oil prices could impinge on economic growth in the coming months if they are sustained and if coupled with adverse monetary developments or speculative investments," said the press release.

Source: Xinhua