Crude oil prices climbed higher on Thursday, rebounding from recent losses, after data showed gasoline and distillate stockpiles dropped in the week ended December 30th.
Crude inventories in the U.S., however, rose by 1.7 million barrels last week versus an expected increase of 1.2 million barrels, data from Energy Information Administration (EIA) showed.
West Texas Intermediate Crude oil futures for February ended higher by $0.83 or about 1.1% at $73.67 a barrel.
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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.