Crude oil prices fell on Friday on the dollar's strength and worries about the outlook for energy demand.
Fears of the U.S. falling into a recession and the impasse in debt ceiling talks boosted dollar's safe-haven appeal and hurt oil prices.
U.S. Treasury Secretary Janet Yellen warned that a default on the U.S. debt would be catastrophic and was "unthinkable."
Fears of a banking sector crisis deepened after PacWest announced it lost almost a tenth of deposits in the first week of May.
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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.