Following the rebound seen in the previous session, the price of crude oil showed a significant move back to the downside during trading on Friday.
Crude for June delivery tumbled $0.95 or 1.6 percent to $58.29 a barrel after jumping $1.03 or 1.8 percent to $59.24 a barrel during Thursday's session. With the sharp pullback on the day, the price of crude oil plunged by 7.5 percent for the week.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.