Oil gains on US?China tariff truce extension

WTI crude oil futures climbed to $64 per barrel on Tuesday after US President Donald Trump extended the tariff truce with China by 90 days, easing fears of a trade war escalation that could dent demand in the world?s top two oil consumers. MCX August crude futures edged up 0.2% to ₹5624 per barrel. Traders are now turning their attention to OPEC?s monthly report, along with the US EIA and IEA forecasts, for updated supply?demand outlooks. Sentiment is also being shaped by geopolitical developments, with investors awaiting Friday?s meeting between Trump and Russian President Vladimir Putin, which could pave the way for progress in resolving the Ukraine conflict and potentially impact global oil flows.

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