Oil nears $68 as drone strikes and inventory drop lift prices

Oil futures traded close to $68 per barrel in Asian markets on Friday, building on the previous session?s 1% gain as supply risks dominated sentiment. Drone strikes on oilfields in Iraq?s Kurdistan region, reportedly carried out by Iran-backed militias, sparked fresh concerns, while a sharp fall in US crude inventories added further support. However, uncertainty surrounding US tariff policies beyond August 1 and the prospect of major producers easing output cuts are capping strong upside momentum. Despite today?s rise, oil remains on track for a weekly loss of over 1%, its first in three weeks. MCX August crude oil futures were up nearly 1% at ₹5752 per barrel.

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