Oil price spike turmoil far from over, IEA says as inventories are depleted at “record pace"

Oil price spikes are likely over the peak summer demand period as rapidly depleting inventories pile more pressure on the market, the International Energy Agency warned in its latest monthly update released on Wednesday. The oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April, taking total losses to 12.8 mb/d since the U.S.-Israeli war with Iran began on February 28. …