WTI halts 2-day fall ahead of Trump-Putin talks

WTI crude climbed above $63 per barrel on Thursday, snapping a two-day losing streak as bargain hunting lifted prices. MCX August oil futures rose ₹39 to ₹5515. Gains were tempered by persistent oversupply concerns after the IEA projected a record 2.96 million bpd global surplus in 2026, driven by strong OPEC+ output. Bearish guidance from both the IEA and US government added to the cautious tone. US crude stocks unexpectedly rose by 3.036 million barrels last week, signaling weak demand momentum. Markets are now eyeing upcoming Trump-Putin talks for potential geopolitical developments, though sentiment remains weighed down by the recent two-month price low and lack of strong bullish catalysts.

Powered by Commodity Insights