Crude oil retreats below $69; weak dollar supports

Crude oil futures slipped below $69 per barrel on Friday, hovering near levels seen before the Middle East conflict escalated in late February, as easing geopolitical tensions and improving commercial shipping through the Strait of Hormuz weighed on prices. Optimism also grew after U.S. President Donald Trump said negotiations with Iran were progressing well following diplomatic talks in Doha. Losses, however, were limited by a weaker U.S. dollar after softer-than-expected labor market data reinforced expectations of a more cautious Federal Reserve. The U.S. economy added just 57,000 jobs in June, while unemployment stood at 4.2%, prompting traders to scale back rate hike expectations. Meanwhile, MCX July crude oil futures traded modestly higher at Rs 6,562 per barrel, up Rs 22.

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