Oil rebounds 1% as dollar dips and risk sentiment improves

WTI Crude Oil futures climbed 1% to $66.24 per barrel in Asia on Thursday, snapping a four-day losing streak as trade optimism and a weaker dollar boosted sentiment. Reports of progress toward a US-EU trade deal, following a similar pact with Japan, helped ease worries about global demand. EIA data showing a 3.2 million-barrel drop in US crude inventories last week added further support, signaling strong consumption. On the domestic front, MCX August crude oil futures advanced 0.69% to ₹5694 per barrel. The dollar index slipped below 97 to a three-week low, providing an additional lift to commodities priced in dollars. Markets now await next week?s Federal Reserve policy decision, with rates expected to remain unchanged amid inflation concerns.

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