Goldman Sachs sees gradual drawdown in global oil inventories

Goldman Sachs says in a recent note that the global oil market is showing signs of tightness and will continue to see a gradual drawdown in inventories. 

The investment bank also sees the higher base demand growth this year projected at 1.5 million bpd fully offset increased production in the US. 

As per Reuters report, Goldman analysts said yesterday, “we do not view the recent U.S. builds as derailing our forecast for a gradual draw in inventories, with, in fact the rest of the world already showing signs of tightness.”