MCX oil slips despite global rebound in WTI futures

MCX crude oil futures slipped 0.75% to ₹5601 per barrel on Thursday, underperforming global benchmarks despite a mild rebound in WTI crude, which edged up 0.29% to $65.11. The uptick in international prices came after a 13% weekly slump, triggering bargain buying. Easing geopolitical tensions helped cap further losses, with a US-brokered ceasefire between Israel and Iran holding steady and diplomatic talks expected next week. Supporting the rebound, US crude inventories fell by 5.8 million barrels, marking an 11-year seasonal low and underscoring strong demand. Traders now shift focus to the upcoming OPEC+ meeting on July 6, where Russia may support a measured supply increase depending on market conditions.

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