Crude oil has declined on Wednesday as investors turned cautious after the rapid escalation of friction between two of the world's largest economies, the U.S. and China, even while oversupply concerns are looming large.
WTI Crude Oil for November delivery was last seen trading down by $0.33 (or 0.56%) at $58.37 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.