Goldman Sachs: Global Oil Inventories Fall to 8-Year Low

Global oil inventories are crashing and approaching an eight-year low, with the rate of depletion so fast that it exposes the market to further shocks, according to Goldman Sachs. Total oil stocks globally have dropped to about 101 days of expected demand, the lowest level in nearly eight years, analysts at Goldman Sachs said in a note carried by Reuters. With the Strait of Hormuz inaccessible for nearly all tanker traffic, these stocks could drop to as low as 98 days of demand by the end of May, Goldman’s analysts warned. While the global…