Oil climbs above $65 on supply fear, OPEC+ meet in focus

WTI crude oil futures climbed above $65 per barrel on Tuesday, extending gains as the Russia-Ukraine conflict stoked fears of tighter global supplies. Support also came from China, where August manufacturing expanded at its fastest pace in five months, easing demand concerns. However, a stronger dollar limited upside, with the index rising past 98 ahead of crucial US labor data due Friday. Payrolls, unemployment, and job openings will be key in shaping Fed policy expectations. Geopolitical risks and safe-haven flows into the dollar kept markets cautious. Later this week, OPEC+ will meet to decide whether to extend output increases beyond September, a move closely watched by traders. On MCX, September crude futures traded 1% higher at ₹5760 per barrel.

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