Oil prices fell on Friday but headed for their first weekly gain in three weeks due to broader supply concerns amid the ongoing war in Ukraine.
Benchmark Brent crude futures dropped around 0.6 percent to $118.28 but were on track for a more than 9 percent weekly gain.
Similarly, U.S. West Texas Intermediate (WTI) crude futures slipped 1.1 percent to $11.14 but were on course for a weekly gain of about 6 percent.
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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.