Oil prices continued to rise after the International Energy Agency (IEA) warned that the global market would face a severe oversupply of oil by the end of 2030 and lowered its short-term forecasts. Brent crude rose 1% to $82.72 per barrel, and WTI crude rose 1.2% to $78.81 per barrel. The IEA expects overcapacity to reach around 8 million barrels per day by 2030 as demand growth slows and supply surges. The agency also lowered its forecast for oil demand growth this year and next, while OPEC's expectations are more optimistic. Expectations of strong summer demand and reports of a drop in U.S. crude oil inventories last week are currently supporting oil prices. At present, everyone is watching the U.S. CPI data and the results of the Federal Reserve's policy meeting later on Wednesday for clues on how much the Fed will cut interest rates.