Oil steadies above $65; on track for 11% weekly loss

WTI crude held firm above $65 on Friday, marking its third straight session of gains as bargain hunters returned after a sharp selloff earlier in the week. Brent crude also edged past $68, helped by a softer dollar and revived demand optimism. Despite losing over 11% this week following the Israel-Iran ceasefire, oil found support from strong US summer fuel demand, with inventories plunging to an 11-year seasonal low. Market sentiment now shifts to the July 6 OPEC meeting and renewed momentum in US-China trade talks. On MCX, July crude futures traded slightly lower near ₹5626 per barrel.

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