Oil Prices Steady Amid Inventory Drop, Trade Hopes

Oil prices traded within a narrow range as markets responded to stronger economic data, easing US-China trade tensions, and evolving US policy threats. US crude inventories unexpectedly fell by 3.9 million barrels, signaling tighter short-term supply, though larger-than-expected gasoline and diesel builds capped price gains. President Trump's shifting trade rhetoric and hopes for new trade agreements buoyed sentiment, while fresh executive orders introduced uncertainty for renewable energy investors. The International Energy Agency projected global oil supply would grow three times faster than demand this year, raising concerns about a potential glut after summer. OPEC reiterated its expectation of steadily rising oil demand through mid-century, dismissing talk of a near-term peak. Energy majors warned of weaker oil and gas sales impacting profits, even as upstream production is set to rise.