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.
For comments and feedback contact: editorial@rttnews.com
Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.