Oil steadies above $63; poised for 1.5% weekly gain

WTI crude held above $63 on Friday, heading for a 1.5% weekly gain with traders awaiting Federal Reserve Chair Jerome Powell?s speech at Jackson Hole for fresh signals on the policy outlook. Geopolitical tensions flared as Russia launched fresh airstrikes near the EU border and Ukraine targeted a Russian refinery, dimming hopes for a swift US-brokered peace deal. Meanwhile, the US slapped a 25% tariff on Indian goods, raising concerns over energy trade as oil forms a major share of India?s imports. On MCX, September crude traded at ₹5,655, up from ₹5,563, while October contracts stayed flat at ₹5,546.

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