WTI crude holds near $101 amid US-China talks

WTI crude futures traded steady near $101 per barrel on Thursday, while MCX crude oil futures slipped 0.3% to around Rs 9,680 per barrel. Oil prices remained supported by a slightly weaker US dollar, with the dollar index hovering near 98.3, and continued supply concerns linked to Middle East tensions. Strong US inflation data, including consumer inflation rising to 3.8% in April and wholesale inflation recording its fastest increase since 2022, reinforced expectations that the Federal Reserve may keep interest rates higher for longer. Meanwhile, reduced crude flows through the Strait of Hormuz and the IEA?s warning of a potentially undersupplied oil market until October continued to support crude prices.

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