Despite a report showing an increase in crude inventories last week, oil prices climbed to a two-week high Wednesday morning amid escalating geopolitical tensions.
Data from the American Petroleum Institute showed a 2.4 million-barrel increase in crude inventories I the U.S. last week. Gasoline and distillate stockpiles rose as well last week.
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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.