Oil prices rose notably on Wednesday, as China stimulus hopes and signs of tight supply arising from output cuts by Saudi Arabia and Russia offset data showing a large weekly build in U.S. crude inventories.
Benchmark Brent crude futures climbed 0.7 percent to $86.80 a barrel, while WTI crude futures were up 0.9 percent at $83.64.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.