The price of crude oil has moved modestly higher during trading on Friday, regaining some ground following the steep drop seen in the previous session.
After plunging $1.79 or 2.8 percent to $62.84 a barrel during Thursday's session, crude for March delivery has risen was last seen trading up $0.06 or 0.1 percent at $62.90 a barrel.
Despite the uptick on the day, oil is headed for the first back-to-back weekly drop this year after the International Energy Agency lowered its global oil demand forecast for 2026 and projected a sizeable surplus despite outages that cut supply in January.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.