Saudi supply push drags crude under $63 despite mcx gains

Saudi Arabia?s aggressive push for a major OPEC+ output hike sent global crude prices below $63 per barrel, even as MCX crude for June edged up ₹22 to ₹5408. The kingdom also slashed July prices for Asian buyers to near four-year lows, hinting at softening regional demand. Official US data showed a drop in crude stocks, but larger-than-expected builds in gasoline and distillates renewed supply concerns. Meanwhile, trade tensions simmered as Canada prepared retaliatory moves and President Trump called Xi Jinping tough to negotiate with, keeping investor sentiment fragile.

Powered by Commodity Insights