Oil prices climbed higher on Friday after data showed a sharp drop in U.S. crude inventories in the week ended December 20th. The ongoing conflict between Russia and Ukraine, and expectations of increased demand from China following the recent stimulus measures contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for February settled at $70.60 a barrel, gaining about 1.4%.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.