00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Global oil inventories have fallen at a record pace since the Strait of Hormuz closed two and a
00:07half months ago, raising concerns about fuel shortages and higher energy prices,
00:12according to the Wall Street Journal. The International Energy Agency said inventories
00:17fell by 250 million barrels in March and April as governments released reserves to offset supply
00:23disruptions. JPMorgan warned inventories in wealthy nations could reach operational stress
00:28levels early next month if the Strait remains blocked. Saudi Aramco said gasoline and jet fuel
00:34stockpiles could reach critically low levels ahead of the summer travel season. Analysts said
00:39falling inventories and supply disruptions could push Brent crude prices above $130 a barrel next
00:44month. Governments have released strategic reserves, but analysts warned the drawdown is only delaying
00:50future shortages and could eventually pressure economic growth. For all things money, visit
00:55Benzinga.com.
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