Global Oil Inventories Drift Toward Record Lows

Global crude oil inventories are approaching a record low as the war in the Middle East continues, decimating tanker traffic via the Strait of Hormuz, Goldman Sachs commodity analysts have warned. Even if oil flows via the chokepoint begin to improve by the end of the current month, the decline will continue, the analysts said in a note, as quoted by the Wall Street Journal. Even if the Strait of Hormuz reopens by May, the shrinking in global oil inventories will extend into May and even June, they said. The war has so far cost Middle Eastern producers…