Partially offsetting the gains from the two previous sessions, crude oil prices have pulled back on Wednesday as the upcoming negotiations between the presidents of the U.S. and China have increased expectations of an end to the U.S.-Iran standoff despite OPEC and IEA oil forecast reports warning of a supply-demand mismatch.
WTI Crude Oil for June month delivery was last seen trading down by $1.04 (or 1.02%) at $101.14 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.