WTI crude rebounds above $64; Modi- Putin meet in focus

WTI crude oil futures rose above $64 per barrel on Monday, rebounding on renewed supply concerns after Ukraine pledged deeper strikes into Russia, stoking fears of wider disruptions. Attention also turned to India as Prime Minister Narendra Modi meets Russian President Vladimir Putin on the sidelines of the SCO summit, under US pressure to scale back Russian oil imports. While geopolitics are supporting prices, the rally is capped by oversupply worries and weak demand outlooks ahead of the OPEC+ meeting later this week. On the domestic front, MCX September crude oil futures traded 0.5% higher at ₹5684 per barrel.

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