Goldman Sachs: Low oil prices needed to slow US supply growth
According to Goldman Sachs, US crude oil inventories will peak in April and then decline to around 350,000 barrels per day (bpd) in the May-September period. However, they expect inventories to climb again by October after the summer peak season for fuel demand.
Meanwhile, US oil stockpiles reportedly reached their highest level since 1930 at around 471.4 million barrels in line with increasing domestic production.
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