Crude oil prices rallied on Wednesday taking cognizance of the escalation in geopolitical tensions between Ukraine and Russia and the likelihood of disruption in supply of oil from Russia. The higher-than-expected build in crude oil inventories in the U.S. however limited gains.
Crude oil prices had recorded minor gains on Tuesday and a massive spike on Monday in the aftermath of a production outage in Norway's Johan Sverdrup oilfield.
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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.