Oil Prices Inch Higher As Investors Focus On Trump-Xi Meet

Oil prices moved higher after the International Energy Agency warned that global oil inventories are falling at a record pace and are likely to keep declining for months due to Middle East supply disruptions. The report implies tighter near-term oil balances and supports prices across the energy complex. This is a sector-moving geopolitical supply shock with broader implications for commodities.

Analysis

Oil prices moved higher after the International Energy Agency warned that global oil inventories are falling at a record pace and are likely to keep declining for months due to Middle East supply disruptions. The report implies tighter near-term oil balances and supports prices across the energy complex. This is a sector-moving geopolitical supply shock with broader implications for commodities.