Crude oil prices pared early gains and fell sharply on Tuesday, weighed down by an announcement from the Biden administration about more sales from the national oil reserve to fight inflation at the pump.
The dollar's rebound from recent losses contributed as well to the drop in oil prices. The dollar climbed higher with traders looking ahead to the Federal Reserve's policy announcement, due on Wednesday.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.