Oil extends fall; drops below $65 as Israel-Iran truce holds

Crude oil prices extended losses on Monday, with WTI futures dipping below $65 per barrel ? their weakest level in months, after last week?s sharp 11% plunge. The continued ceasefire between Israel and Iran eased supply disruption fears, while talk of a potential OPEC+ output hike added to the bearish tone. Meanwhile, MCX July contracts were marginally lower at ₹5593 per barrel. A sliding US dollar, now at its lowest since February 2022, offered some cushion to oil, as a more dovish Fed stance and rising fiscal worries pressured the greenback. All eyes now turn to key US jobs data this week, which may further boost rate cut expectations.

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