Crude oil futures recovered after early weakness and ended sharply higher on Tuesday amid signs of tighter supplies in the global oil market.
The dollar's continued weakness contributed as well to the sharp rise in oil prices. The dollar index dropped to 106.40 before regaining some ground. Still, at 106.70, the index was down more than 0.6% a little while ago.
Oil prices drifted lower earlier in the session on worries about the outlook for energy demand as new coronavirus cases in China jumped to almost 700 and data showed the eurozone's inflation accelerated as estimated in June to set a fresh record high, raising worries about a possible recession.
For comments and feedback contact: editorial@rttnews.com
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.