Global oil buffers are running low, warns IMF

The International Monetary Fund (IMF) has warned that the global oil market is facing severe risks as crucial shock absorbers are rapidly depleting following the recent conflict in the Middle East.

Although the closure of the Strait of Hormuz cut off approximately 20 million barrels of oil and refined products daily, crude prices managed to stabilise between $90 and $100 per barrel rather than spiralling as many analysts had initially feared....