Oil Prices Stabilize After Steep Losses

Crude oil futures steadied on Friday, June 5, 2026, as investors paused a sell-off that had pushed West Texas Intermediate down more than 5% over the prior two sessions. The benchmark U.S. contract edged up 0.8% to settle at $72.40 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery rose 0.6% to $77.15. The modest rebound came after prices tumbled amid mounting concerns over weakening global demand and a surprise increase in U.S. gasoline stockpiles. Analysts said the stabilization reflected short-covering ahead of the weekend and cautious positioning before next week’s OPEC+ meeting. Traders remain focused on macroeconomic headwinds, including sluggish manufacturing data from China and the potential for further interest rate hikes. Despite Friday’s gains, both major benchmarks remained near multi-month lows.