Europe’s lubricating oil demand rose to a three-month high in February following a seasonal slowdown in consumption at the end of last year.Regional blenders continued to hold off replenishing base oils stocks in February even as demand improved.Lube consumption rose to more than 165,000t in Germany, France, Italy and Spain combined, government and industry data showed.Demand rose from around 156,000t the previous month and from 131,000t in December.Lube consumption fell by 4pc and for a fifth straight month from year-earlier levels. Blenders’ delayed round of stock replenishment prompted regional base oils producers to clear surplus supplies through a wave of arbitrage shipments to markets like Africa, Mideast Gulf and Latin America. .Italy’s February lube demand rises
