Oil prices pulled back from recent highs on Wednesday as surging U.S. output and concerns over slowing global growth overshadowed investor optimism over OPEC-led supply cuts as well as the U.S. sanctions against Iran and Venezuela.
Global benchmark Brent crude dropped nearly half a percent to $66.14 per barrel, not far off their 2019 high of 66.83 dollars per barrel reached on Monday.
U.S. West Texas Intermediate (WTI) crude oil futures were down 0.3 percent at $56.30 per barrel after hitting 2019 highs of 56.39 earlier in the day.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.