Oil inventories held by OECD member countries fell in May to their lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Mideast war, the International Energy Agency said Wednesday.

OECD oil stocks hit their lowest since 1990 as conflicts spur significant drawdowns, reports the IEA.

Oil inventories held by OECD member countries fell in May to their lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during…