Oil dips below $63 as dollar strength; Trump remarks weighs

WTI crude fell under $63 per barrel in Asian trade on Friday, extending a three-day slide and trimming weekly gains. Market sentiment eased after U.S. President Donald Trump signaled a preference for lower oil prices over fresh sanctions to pressure Russia, partly offsetting concerns from recent Ukrainian strikes on Russian energy sites. A firmer U.S. dollar also weighed, with the dollar index steady near 97.2 after the Federal Reserve struck a less dovish tone than expected. While the Fed cut rates by 25 bps this week and projected two more reductions in 2025, it indicated only one cut for 2026, with Chair Jerome Powell stressing caution amid labor market weakness. On MCX, October oil futures hovered around ₹5590 per barrel.

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