Crude steadies near $61; OPEC+ meeting in focus

Oil futures traded around $61 per barrel on Wednesday, bouncing back from previous losses as tight supply concerns supported prices. President Trump signaled potential new sanctions on Russia over stalled Ukraine peace talks, while the US also barred Chevron from exporting Venezuelan crude. These moves heightened geopolitical risks and underpinned crude prices. However, gains were limited by expectations that OPEC+ may agree to boost output by 411,000 barrels per day in July during today?s meeting. Market sentiment remained cautious ahead of the decision. On MCX, June crude oil futures climbed over 1.25% to trade above ₹5250 per barrel.

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