Oil slides as strong dollar and oversupply weigh on sentiment

Crude oil prices slipped toward $60 per barrel by the end of October, marking a third straight monthly loss as oversupply and weak global demand dominated sentiment ahead of the OPEC+ meeting. The dollar index stayed near three-month highs above 99, gaining nearly 2% after the Fed signaled caution on further rate cuts, making oil costlier for global buyers. WTI crude has plunged almost 25% year-to-date, pressured by rising output, high inventories, and slowing Chinese demand. Despite brief rebounds from geopolitical tensions, the broader trend remained bearish. On MCX, November crude oil futures traded 0.4% lower at ₹5369 per barrel.

Powered by Commodity Insights