Energy Preview: MCX Crude jumps 1.5% as WTI nears $69 per barrel

WTI Crude oil futures hit a two-week high near $69 per barrel yesterday as markets eyed renewed trade tensions. The US unveiled a fresh wave of tariff threats, including a 25% levy on imports from key trading partners like Japan and South Korea, effective August 1. This move raised fears of a slowdown in global demand. However, some resistance is emerging in the commodity as OPEC+ agreed to raise production by 548,000 bpd in August, marking the fourth consecutive monthly increase, restoring nearly 80% of earlier voluntary cuts. A firm US dollar index which has broken above 97 mark could also cap advances in oil. MCX Crude ended up 1.50% at Rs 5880 per barrel in last session and should see a mixed to positive start today.

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