Crude oil futures rebounded from early weakness to settle on a firm note on Tuesday.
A firm dollar, and data showing an improvement in demand for crude and petroleum products in the U.S. in November helped lift oil prices higher.
Oil prices hovered around 3-week lows earlier in the day amid concerns about the outlook for energy demand and prospect of further interest rate hikes.
The Federal Reserve is widely expected to raise interest rate by 25 basis points amid signs of cooling inflation. The accompanying statement and post meeting comments from Fed Chief Jerome Powell are in focus for clarity on future rate hikes.
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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.