Following the sharp pullback seen in the previous session, the price of crude oil has moved back to the upside during trading on Wednesday.
Crude for May delivery has climbed $0.51 or 0.7 percent to $71.71 a barrel after falling $0.28 or 0.4 percent to $71.20 a barrel in Tuesday's session. With the rebound, the price of crude oil has reached a new five-week high.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.