Vitol Says Oil Stockpiles Will Shrink Rapidly by Year-End

The world’s biggest independent oil trader says global stockpiles of the commodity will keep shrinking, offering a starkly more bullish view of the crude market than some of its rivals.

Vitol Group said inventories have been falling sharply and will continue to decline this year. Trafigura Group, the second-biggest trader, says the market will go back into a surplus. Both companies forecast demand to stagnate and foresee a volatile few months before a gradual recovery next year.