Global oil inventories near 22-year low

Total oil inventories in the members of the Organisation for Economic Cooperation and Development will fall

Oil stockpiles in the world's largest economies were headed toward the lowest levels since at least 2003 as top consuming nations tapped inventories at a record pace to plug the loss of over 11 million barrels a day of Middle Eastern output due to the Iran war. the US Energy Information Administration said on Tuesday.

Total oil inventories in the members of the Organisation for Economic Cooperation. Development will fall to just under 2.3 billion barrels by December, the EIA said, based on its current assumption that marine traffic through the Strait of Hormuz is unlikely to return to pre-conflict levels until early 2027.

Oil prices fell about 5% on Tuesday after Iran. Israel said they had halted attacks on each other following an appeal from US President Donald Trump. Brent futures fell $4.30, or 4.6%, to $89.95 a barrel at 1638 GMT. US WTI crude slid $4.95, or 5.4%, to $86.35.

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