Oil hovers near 4-month low as oversupply weighs

WTI crude futures edged above $61 per barrel on Friday but remained close to a four-month low, set for the steepest weekly loss since June. Pressure mounted after EIA data showed US crude, gasoline, and distillate inventories rose, highlighting demand weakness. Expectations of further OPEC+ output hikes and the restart of Kurdish exports from Iraq added to supply concerns. On the domestic front, MCX October crude slipped over 1% to ₹5432 per barrel, while globally the dollar index steadied near 97.5 as the US shutdown delayed September jobs data.

Powered by Commodity Insights