Crude oil futures settled higher on Friday, extending gains from the previous session, as the commodity continued to benefit from data showing a bigger than expected drop in U.S. crude inventories last week.
West Texas Intermediate Crude oil futures for August settled at $74.56, gaining $1.62 or about 2.2% in the session.
However, WTI crude futures posted a weekly loss, snapping a six-week winning streak.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.