Crude oil prices fell sharply on Friday on easing worries about supply disruption in the U.S. Gulf of Mexico, and lowering of oil demand forecast for 2022 by the Organization of the Petroleum Exporting Countries (OPEC).
Oil prices moved higher earlier in the week, buoyed by the International Energy Agency's report that higher natural gas prices could prompt more energy consumers to switch to oil for year-end heating purposes.
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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.