Crude oil prices fell sharply on Monday, weighed down by concerns about oversupply in the market after the Organization of the Petroleum Exporting Countries and it allies, collectively known as OPEC+, agreed to boost output.
Oil prices were also hurt by rising concerns about outlook for energy demand due to the rapidly spreading delta variant of the coronavirus and fresh restrictions on movements in several countries across the world.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.