Crude oil prices gained in early trading on Tuesday amidst geopolitical tensions in the Middle East as well as waning concerns amount demand. However, the rally turned short-lived as prices corrected and fell below Monday's closing levels.
The Dollar's strength, as well as the anxiety ahead of the release of jobs data from the U.S. and inflation data from China also dragged down crude oil prices. Markets expect the additions to non-farm payrolls in the U.S. in the month of November to rise from the previous month's levels. The deflationary situation in China, which is expected to remain steady, impacted sentiment for the black liquid. Uncertainty over the recently announced voluntary production cuts also added to the volatility.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.