Oil Prices Rise on Shrinking U.S. Stockpiles and IEA Assessment on May 14-15

Oil prices have risen due to reports of shrinking U.S. stockpiles and anticipation of an assessment by the International Energy Agency (IEA). On May 14, the IEA reported that global oil inventories surged by 34.6 million barrels in March, with oil on water reaching a fresh post-pandemic high. Early data suggests that global oil stocks continued to rise in April. On May 15, traders are also weighing the demand outlook as U.S. supplies decline.