Although crude oil inventories in the U.S. are expected to rise, the global oil market is showing signs of tightness and will continue to see crude stocks draw down, Goldman Sachs has said in recent note. “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,” Reuters quoted Goldman analysts as saying on Tuesday. In addition, Goldman Sachs expects the higher base demand growth this year – projected at 1.5 million bpd – to fully offset increased production in the U.S. However, the oil market needs to see “show me the activity:” real demand and stock drawdown, Goldman noted, as reported by CNBC . “Markets need to see that the OPEC supply cuts generate real inventory draws and the strong manufacturing survey and Chinese credit data create real […]