Oil prices rallied on Friday, extending gains from the previous session following the passage of the debt ceiling bill and amid speculation OPEC and allies might announce a cut in production.
Buoyant non-farm payroll data for the month of May also contributed to the increase in oil prices. Data from the Labor Department showed non-farm employment soared by 339,000 jobs in May after spiking by an upwardly revised 294,000 jobs in April.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.