Oil surges above $63 amid Kirishi refinery attack

WTI crude oil edged higher toward $63 per barrel on Monday, supported by heightened geopolitical tensions after Ukraine?s attack on Russia?s Kirishi refinery, raising concerns over potential supply disruptions. A weakening US dollar also lent support, with the dollar index sliding to around 97.1, nearing ten-week lows ahead of the Federal Reserve?s policy meeting this week. Alongside the Fed, central banks in Canada and China are expected to ease rates, while Japan and the UK are likely to maintain their policy stance. On the domestic MCX front, September crude futures rose 0.5% to trade at Rs 5553 per barrel as markets balanced between supply risks and excess supply concerns.

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