Oil prices slipped early Wednesday as President Donald Trump headed to Beijing for a high-stakes summit with China's Xi Jinping.
The energy watchdog now expects global oil demand to contract by 420,000 barrels a day this year, from its an 80,000-barrel-a-day decline projected previously.
Global oil supply will not meet total demand this year as ​the Iran war wreaks havoc on Middle East ‌oil production, the International Energy Agency said in its monthly oil market report on Wednes
Oil prices fell on Wednesday after rising in three consecutive sessions, as investors awaited developments ​around the fragile ceasefire in the Iran war and U.S. President Donald Trump headed to Chi

Oil Slips on Likely Technical Correction

08:49pm, Tuesday, 12'th May 2026
Oil prices fell in early Asian trade, on a possible technical correction after settling higher on Tuesday.
CME Group plans to launch futures that would let investors bet on the price of computing power.
Crude oil consolidates within a symmetrical triangle as bullish structure holds, with support strength and resistance tests signaling an approaching breakout-driven directional move.
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Oil markets rally as traders bet that the Strait of Hormuz would not be reopened anytime soon.
Global crude reserves are rapidly depleting, pushing the world toward scarcity.
The agency said it expects inventories to decline by 2.6 million barrels a day on average in 2026, compared with its previous estimate of a 300,000 barrels a day decrease.
Russia has revised down numerous oil and gas forecasts for the next three years, including on crude and gas output ​as well as exports, the economy ministry said on Monday in its base case scenario.
The oil markets continue to move on the latest fear-driven headlines coming out of the Middle East.
U.S. President Donald Trump said the ceasefire with Iran is "on life support" after rejecting Tehran's latest counterproposal to end the war. CNBC's Dan Murphy has the latest from Abu Dhabi.
Stocks are nearing the midday point of a massive second quarter. The rally is starting to look vulnerable.
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