Oil prices reversed earlier gains to trade lower on Wednesday amid concerns about the outlook for global growth and energy demand.
As inflation concerns mount, traders await a key U.S. inflation reading that could reinforce the case for a Federal Reserve interest rate hike later this year.
The European Central Bank meets on Thursday, with economists expecting the central bank to hike interest rates amid spiking energy prices.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.