Crude oil rebounded to post sharp gains on Monday as the likelihood of the U.S. getting involved in the ongoing Russia-Ukraine war triggered fresh concerns of military escalation as well as new sanction threats on Russian oil exports.
WTI Crude Oil for November delivery was last seen trading up by $0.67 (or 1.14%) at $59.57 per barrel.
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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.