Crude oil futures settled lower on Tuesday amid concerns about the outlook for energy demand due to renewed restrictions on movement in several countries amid rising new cases of the Omicron variant of the coronavirus.
Oil prices were also weighed down by a firm dollar amid increasing prospects of the Federal Reserve resorting to a faster pace of tapering of its asset-buying program following data showing an acceleration in U.S. producer price inflation.
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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.