Oil prices fell sharply on Wednesday, extending losses to a fifth straight day, after data showing a large increase in gasoline inventories in the U.S. in the week ended December 1st, raised concerns about the outlook for fuel demand.
West Texas Intermediate Crude oil futures for January ended down $2.94 or about 4.1% at $69.38 a barrel.
Brent crude futures were down $2.91 or 3.76% at $74.29 a barrel a little while ago.
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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.