Crude oil prices rose sharply on Friday and lifted the near month crude futures contract to its first positive close in four sessions.
A report from the U.S. National Hurricane Centre that a storm forming over the Western Gulf of Mexico will likely become a cyclone over the weekend raised concerns about possible disruptions in production and supported oil prices today.
Traders also weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand due to the surge in coronavirus cases in Asia.
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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.