Crude eases on mixed signals from US-EU trade, Iran stance, OPEC + focus

Crude oil futures traded slightly lower at $61 per barrel, while MCX June crude fell to ₹5253 per barrel, as investors weighed easing US-EU trade tensions against concerns of rising OPEC+ supply. President Trump?s move to delay 50 percent tariffs on European imports until July 9 reduced immediate demand fears. However, geopolitical uncertainty returned after Iran refused to suspend uranium enrichment, casting doubt on the prospects of a nuclear deal. This could lend some support to prices. Meanwhile, focus is shifting to the OPEC+ meeting later this week, where the group is expected to finalize July output plans. Reports suggest the alliance may increase production by 411,000 barrels per day, following its earlier decision to speed up output hikes in June. The market remains caught between potential supply growth and geopolitical tensions, keeping prices range-bound.

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