Crude oil prices rallied from the levels at close on Friday as markets digested the impact of wider U.S. sanctions on Russian oil. Market's expectation that the existing consumers of Russian oil would be forced to source supplies from the Middle East or other producers also boosted prices.
The surge in the prices of the black liquid is despite the resurgence in the Dollar that has lifted the six-currency Dollar Index to a multi-month high of 110.18.
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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.