Global markets are in a frenzy, but the oil market remains as dire as at the start of the war: global inventories are approaching historic lows.
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Global oil inventories are being depleted at a record pace. While global stock markets celebrate historic highs, the crude oil market is telling a very different story.
Goldman Sachs data shows that since April, global visible oil inventories have been consumed at an average rate of 6.3 million barrels