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EIA reported on Wednesday. During the week to May 10, commercial inventories of crude oil in the U.S. increased by 5.4 mil bbls, in contrasts to analysts' forecasts for a decline of 800,000 bbls.

The U.S. ordered the departure of non-essential American employees from its diplomatic missions in Iraq on Wednesday, in another sign of concern about has been described as threats from Iran. The U.S. State Department announced that employees at both the U.S. embassy in Baghdad and its consulate in Erbil are being pulled out immediately due to safety concerns.

The United Arab Emirates said on Wednesday that it will show restraint in the wake of sabotage attacks on oil tankers off its coast, and is committed to de-escalation of tensions during a "difficult situation" caused by Iranian behaviour. The UAE’s Minister of State for Foreign Affairs Anwar Gargash said that he will not speculate about the who was behind last Sunday's sabotage on 4 oil vessels near the emirate of Fujairah, which is one of the world's largest bunkering hubs.

The International Energy Agency said on Wednesday in a regular monthly report that the world will require very little extra oil from OPEC in 2019, because rising U.S. production will offset falling exports from Iran and Venezuela. The agency noted that the Trump administration’s recent actions on Iran have added to the "confusing supply outlook", but that "there have been clear and, in the IEA's view, very welcome signals from other producers that they will step in to replace Iran's barrels, albeit gradually in response to requests from customers." It estimated that in April, OPEC collectively pumped about 440,000 bpd less than their agreed ceiling, with Saudi Arabia producing 500,000 bpd below its allocation.