WTI slips below $61 amid fresh supply and inventory build

WTI crude oil futures dipped below $61 per barrel in Asia on Wednesday, snapping a four-day rally as Venezuela resumed oil exports, raising near-term supply concerns. Expectations that up to 50 million barrels of previously sanctioned crude could return to the market added downward pressure on prices. At the same time, geopolitical risks continued to cap losses, with escalating unrest in Iran fueling concerns over potential disruptions through the Strait of Hormuz. Further uncertainty stemmed from possible supply risks in Russia amid continued attacks on energy infrastructure. On the data front, US crude inventories were estimated to have risen by 5.27 million barrels last week, weighing on sentiment. In the domestic market, MCX February crude futures traded about 0.8% lower at ₹5,484 per barrel.

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