Oil prices traded higher on Thursday after the International Energy Agency warned that global oil inventories are falling at a record pace and will continue to drop for months as a result of disruption to Middle East supplies.
Investors also await the outcome of U.S. President Donald Trump's summit with Chinese President Xi Jinping in Beijing. The three-day state visit focusses on trade, tariffs, artificial intelligence, Iran war, Taiwan, rare earths, and supply chains.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.