After skyrocketing in the previous session, the price of crude oil has shown a modest move back to the downside during trading on Friday.
Crude for December delivery slipped $0.17 or 0.3 percent to $61.62 a barrel after soaring $3.29 or 5.6 percent to $61.79 a barrel during Thursday's session. Despite the modest pullback on the day, the price of crude oil surged by 7.8 percent for the week.
The decrease by the price of crude oil may have reflected profit taking following yesterday's surge, which came after the Trump administration announced sanctions on Russia's two largest oil companies.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.