Crude oil prices climbed higher on Wednesday after data showed a big drop in U.S. crude inventories in the week ended August 25.
The dollar's continued weakness and the impact of Hurricane Idalia on operations in oil fields along Florida's Gulf Coast raised supply concerns and contributed as well to the increase in oil prices.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.