Oil rises for 3rd day as US output slows, MCX futures spike 2%

WTI Crude oil futures climbed for a third straight session in Asian electronic trades on Wednesday, buoyed by signs of weakening US production and stronger demand in Europe and China. Producers like Diamondback Energy and Coterra Energy announced rig count cuts, tightening supply. The US dollar index eased to 99.37, lending support to oil prices. Optimism grew after reports that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer would meet Chinese officials in Switzerland this week. Hopes of easing tensions between the world?s top oil consumers also lifted sentiment. API data showed a large draw of 4.5 million barrels in US crude stocks. MCX crude for May delivery rose 2% to Rs 5106 per barrel.

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