Crude oil took a tailspin on Monday as the U.S. dollar firmed up.
In addition, traders' focus fixed on the trajectory of the U.S. peace plan aimed to end the Russia-Ukraine war and on the announcements to be made by the U.S. Federal Reserve on December 10.
WTI Crude Oil for January delivery was last seen trading down by $1.28 (or 2.13%) at $58.80 per barrel.
Crude oil being a dollar-denominated commodity, lost value today after the U.S. dollar consolidated. The dollar index was last seen trading at 99.08, up by 0.09%.
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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.