Oil hovers near 3-week high as Russia tensions fuel supply fears

WTI crude futures climbed above $65 per barrel in Asian trading on Friday, staying close to a three-week high and on track for their strongest weekly gain since early June. Geopolitical risks supported prices after Ukraine?s strikes on Russian energy facilities prompted Moscow to restrict fuel exports and weigh crude output cuts. However, gains were capped by a stronger US dollar, with the dollar index holding near 98 and set for a weekly rise of nearly 1% ahead of the key PCE inflation data. Thursday?s data showed jobless claims fell to 218K, highlighting labor market strength. On the domestic front, MCX crude oil futures traded higher by 0.33% at ₹5792 per barrel.

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