Crude prices surged more than 2 percent in overnight trading amidst continuing concern over the supply position. The recent massive decline in crude oil inventories in the U.S. and the perception that the OPEC+ would not agree for an output boost drove prices of the black fluid higher.
Data released by the Energy Information Agency on Wednesday had shown the crude oil stocks in the U.S. falling by 4.5 million barrels in the week ended July 22, far above the expectations of a 1-million-barrel drop. The decline in inventory in the previous week was just 0.5 million barrels.
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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.