[Oil prices rise despite International Energy Agency's downbeat outlook for crude oil] Oil prices soared on Wednesday, hitting their highest level since May 30, supported by a larger-than-expected drop in U.S. inventories. Data released by the American Petroleum Institute (API) on Tuesday showed that crude oil inventories fell by 2.428 million barrels in the week ended June 7, which was much higher than the expected decrease of 1.75 million barrels and lower than the 4.052 million barrel increase a week ago. The U.S. Energy Information Administration (EIA) is due to release its own data later on Wednesday, and analysts also expect oil inventories to fall. Meanwhile, the U.S. Dollar Index (DXY) trades above 105.00 as the dust settles on political turmoil in Europe, especially in France where the results of the parliamentary elections are known. Traders are focused on data from the United States, with consumer price index (CPI) data ahead of the opening bell being the main event. This will be followed closely by the Federal Reserve's (Fed) interest rate decision. While no changes to policy rates are expected, dot plot forecasts and comments from Fed Chairman Powell could move the U.S. Dollar Index in either direction. At the time of writing, crude oil (WTI) is trading at $78.50 and Brent is trading at $82.57 Oil News and Market Movers: IEA reports what everyone is thinking International Energy Agency (IEA) forecasts in its oil report , by 2030, there will be a surplus of 8 million barrels of oil production. Bloomberg reports that options market flows and positioning still show that as OPEC+ restarts production in the fall of 2024, and China’s