UBS: Global oil inventories may near record lows by end of May if Hormuz stays shut

Global oil inventories are being drawn down quickly to offset a major Middle East supply disruption, and could approach record lows by the end of May if the Strait of Hormuz remains closed. UBS estimates stockpiles fell from just over 8 billion barrels at the end of February to 7.8 billion by end of April, with a potential drop toward 7.6 billion by end of May. Analysts across firms warn that prices may need to jump to curb demand before inventories reach levels that would strain the supply system.

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