Despite a sharp surge in U.S. inflation, and data showing an increase in U.S. crude inventories last week, crude oil prices climbed higher on Wednesday, rebounding smartly after suffering a sharp loss in the previous session.
West Texas Intermediate Crude oil futures for August ended higher by $0.46 at $96.30 a barrel.
WTI crude futures had plummeted $8.25 or 7.9% to $95.84 a barrel on Tuesday, closing below $100 a barrel for the first time in two months.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.