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 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.