Crude oil prices climbed on Friday and front-month WTI oil futures contracts recorded gains for a fifth straight week amid tighter supplies.
Recent data showing a drop in U.S. crude inventories and output disruptions in the Gulf of Mexico due to the impact of two hurricanes supported oil prices.
The public auction of state crude reserves by China limited oil's advance . According to reports, PetroChina and Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels in the auction.
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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.