WTI slips below $62 as oversupply fears weigh

WTI crude oil futures fell below $62 per barrel on Tuesday, extending losses for a fifth straight session as oversupply concerns outweighed geopolitical tensions in Europe and the Middle East. The US dollar?s strength added further pressure on oil and other dollar-denominated assets, with the dollar index holding around 97 after easing in the previous session. Traders are closely watching Fed signals, as some officials urge caution on rate cuts while new governor Stephen Miran warns that more aggressive easing is needed to avoid labor market risks. Fed Chair Jerome Powell is set to speak later, and Friday?s PCE price index will provide further guidance on inflation and policy direction. Oil markets also await the American Petroleum Institute?s weekly crude stock report. On the MCX, October crude futures fell 0.18% to trade at Rs 5512 per barrel.

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