Crude slips below $68; down for third week as supply concerns ease

Crude oil prices extended their decline, with WTI slipping below $68 per barrel and Brent hovering near $71, its lowest level since late February, as optimism over progress in U.S.-Iran nuclear negotiations eased concerns over potential supply disruptions in the Middle East. Market sentiment was further weighed down by weaker-than-expected U.S. private-sector hiring data, reinforcing expectations that the Federal Reserve is unlikely to tighten monetary policy in the near term. Meanwhile, the U.S. dollar index eased to around 100.9 ahead of the closely watched June jobs report, while MCX July crude oil futures edged 0.2% lower to Rs 6,513 per barrel.

Powered by Commodity Insights