Oil prices climbed on Wednesday after a slew of U.S. economic data revived optimism that a recession can be avoided.
However, overall gains were kept in check by a firmer dollar, weak industrial profits data from China and a mixed industry report on U.S. crude stockpiles.
Benchmark Brent crude futures jumped 0.8 percent to $73.09 a barrel, while WTI crude futures were up nearly 1 percent at $68.35.
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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.