Oil Prices Steady Below $100 Amid Global Supply Decline

Global oil prices have stabilized below $100 per barrel despite ongoing conflicts in the Middle East and Ukraine. The International Energy Agency (IEA) projects a global oil supply decline of 4.3 million barrels per day this year, citing the continued closure of the Strait of Hormuz as the main reason.

Crude inventories have plunged by 69 million barrels last month, with stocks dropping below 7.9 billion barrels for the first time since April last year. Global oil demand is also expected to fall quickly, with the IEA projecting a decline of 1.6 million barrels per day due to high oil prices.

China, the world's largest crude importer, has led the cut in trade, reducing imports by 29% from a year earlier. This sharp reduction has contributed significantly to stabilizing international oil prices.