Oil range bound ahead of key OPEC meet

WTI crude oil futures dipped below $65 per barrel on Tuesday, hovering within a tight range after last week?s sharp 13% plunge. The recent slide came as geopolitical tensions eased, with the Israel-Iran ceasefire showing signs of stability and eroding the risk premium. Investors are now closely focused on the upcoming OPEC meeting, where the alliance is expected to consider another significant supply boost. If approved, it would mark the fourth consecutive month of a major production hike?potentially adding 411,000 barrels per day in August, triple the initial estimates. Meanwhile, MCX July oil futures traded marginally higher by 0.13% at ₹5588 per barrel, reflecting cautious optimism ahead of the weekend talks.

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