Oil steadies near $68 as inventory build offsets weak dollar

WTI crude oil hovered around $68 per barrel on Thursday, taking a breather after three straight sessions of gains. The market traded sideways as mixed cues kept sentiment cautious. A surprise 7.1 million barrel build in US crude inventories, reported by the EIA, dented bullish momentum. Meanwhile, tariff threats from President Trump and global trade uncertainty weighed on demand outlook. However, a weaker US dollar, falling below 97, offered support by making oil more attractive to overseas buyers. On MCX, July crude futures slipped 0.58% to ₹5845 per barrel, underperforming global cues despite dovish Fed minutes pointing to possible rate cuts later this year.

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