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 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.