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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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.