Crude oil prices fell sharply on Wednesday as worries about fuel demand resurfaced after data showed a contraction in manufacturing activity in China.
A stronger dollar weighed as well on oil prices. The dollar index climbed to 104.70 earlier this afternoon, gaining about 0.5%. However, the index pared most of its gains subsequently and was at 104.30 a little while ago.
West Texas Intermediate Crude oil futures for July ended higher by $1.37 or about 2% at $68.09 a barrel.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.