Crude slips to $63 as OPEC+ output plans offset inventory drop

Crude oil futures fell to around $63 per barrel on Wednesday as markets reacted to OPEC+ plans to raise output and fresh global growth concerns after the OECD cut its forecast, citing US tariff pressures. However, losses were capped by a larger-than-expected 3.3 million barrel drop in US crude stocks and ongoing geopolitical tensions, including the Russia-Ukraine war and a likely Iranian rejection of a US nuclear proposal. MCX June oil futures traded slightly higher at ₹5461 per barrel.

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