Oil prices fell sharply on Friday on concerns about the outlook for demand due to data showing a drop in China's oil imports, and disappoint over the size of China's fresh stimulus measures.
Also, the risk to U.S. oil and gas output from a hurricane has declined following a report from the U.S. National Hurricane Center that Hurricane Rafael weakened to Category 2 and will likely move slowly westward over the Gulf of Mexico and away from U.S. fields.
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Market Analysis
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.