Oil News: Crude Oil Futures Hold $100 as IEA Warns of Historic Supply Crisis
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Key Points:
- IEA warns the oil market faces the largest supply crisis in history as 14M barrels per day remain offline.
- WTI crude oil futures hold above $100 support as traders brace for a possible breakout toward $110.93
- Global oil inventories tighten after a surprise 4.3 million barrel crude draw extended the weekly streak.
June WTI crude oil futures are trading at $102.11 and the market is barely moving Wednesday. That is not calm. That is a market holding its breath. The IEA dropped a report calling this the largest oil supply crisis in history. Cumulative supply losses from Middle East producers have already exceeded 1 billion barrels with more than 14 million barrels per day shut in. Trump is in Beijing meeting Xi on Thursday and Friday. The ceasefire is still on life support. The charts and the fundamentals are pointing the same direction. Here is the setup.