Hot Commodities: Oil tumbles over 1% on caution ahead of payrolls, OPEC

Oil futures extended losses in the mid-Asia session today, falling over 1% as traders turned cautious ahead of the US non-farm payrolls report and other key data that could influence the Federal Reserve?s rate cut timeline and global demand outlook. Sentiment took a further hit after official data showed US crude inventories rose by 3.85 million barrels last week?the largest jump in three months?signaling sluggish refinery demand. Meanwhile, OPEC+ is reportedly set to increase production by 411,000 barrels per day in August, bringing total supply additions in 2025 to 1.78 million bpd, adding to concerns of oversupply. However, continued weakness in the US dollar is helping to cushion the fall in oil prices. On the domestic front, MCX July expiry crude futures slipped by 0.9 percent to ₹5703 per barrel. Oil had spiked around 3% in last session, hitting around one and half week high of $67.60 per barrel.

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