Crude oil climbs as markets await Fed minutes

Crude oil prices gained more than 1% to around $69.5 per barrel on Tuesday as investors awaited the release of the Federal Reserve's June meeting minutes for fresh guidance on the US interest rate outlook. Sentiment was supported by a weaker US dollar after softer-than-expected June jobs data reinforced expectations that the Fed may delay further rate hikes, making dollar-priced commodities more attractive. However, gains remained capped by concerns over improving oil flows through the Strait of Hormuz and expectations of higher OPEC+ production, raising fears of a potential supply surplus in the coming months. Reflecting the positive global trend, MCX crude oil futures for July delivery rose nearly 1.5% to Rs 6,628 per barrel.

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