Crude oil prices climbed higher on Wednesday, lifted by data showing a bigger-than-expected drop in gasoline inventories in the U.S. in the week ended August 5th.
A weak dollar and data showing increased demand for gasoline contributed as well to the surge in oil prices.
The dollar tumbled after data from the Labor Department showed its consumer price index was unchanged in July after jumping by 1.3% in June. Economists had expected consumer prices to edge up by 0.2%.
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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.