Crude oil futures settled sharply higher on Wednesday after data showed a larger than expected drop in crude inventories in the U.S. in the week ended December 17th.
Easing worries about Omicron and U.S. President Joe Biden's remarks that it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress also contributed to the jump in oil prices.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.