Petroleum inventories are shifting surprisingly, at least according to the API as supplies continue to draft at Cushing delivery point.
While the new IEA report is grabbing headlines by saying that the global demand for oil might not recover until 2022, the news in the report isn’t all bad.

Bullish sentiment appears to have returned to the stock markets with a vengeance.

It's also too early to predict another shutdown of the global economy. Oil should focus on what seems to be a better outlook when it comes to a rebalancing of global oil supply.
The oil market faced its greatest fear, a second wave of Covid-19.
Oil prices took a hit overnight on fears of a second wave of Covid-19. Reports of a jump in cases in Florida, Texas, and Arizona and a sharp 5.7 million barrels increase in crude supply to a record overshadowed signs of rebounding U.S. oil demand
The API reports showed that U.S. oil inventories spiked by 8.42 million barrels of crude.
Iraq's new Minister of Oil says his country's fully committed to the decisions taken at the OPEC meeting.
Has $40.00 a barrel oil ever felt so good?
Saudi Arabia and Russia are putting pressure on OPEC scofflaws threatening not to have a June 5 meeting to talk about production cut