Extending yesterday's sharp gains, crude oil surged on Friday amid near-term supply concerns due to ongoing geopolitical tensions, a decline in U.S. inventories, and OPEC's decision to pause output increases.
WTI Crude Oil for February delivery was last seen trading up by $1.58 (or 2.74%) at $59.34 per barrel.
Following the capture of Venezuelan President Nicolas Maduro by U.S. forces last Saturday, U.S. President Donald Trump announced that the U.S. would have full access to Venezuela's rich oil resources.
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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.