Snapping two days of decline, crude oil skyrocketed on Thursday as data showing a decline in the U.S. crude inventories allayed global oversupply concerns and supported prices.
WTI Crude Oil for February delivery was last seen trading up by $1.70 (or 3.04%) at $57.69 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.