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
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.