Oil retreats below $96; down 2% for the week

Crude oil futures slipped below $96 per barrel in Friday?s electronic trades as the International Energy Agency (IEA) moved to complete the remaining release of around 100 million barrels under its coordinated emergency supply programme launched in March. Despite the pullback, prices remained on track for weekly gains of more than 2%, supported by escalating Middle East tensions, including rising friction between Saudi Arabia and Iran-backed Houthi forces in Yemen. Adding to supply concerns, US crude inventories fell by 8.6 million barrels last week, marking their steepest decline since February, according to the EIA. On the MCX, October crude oil futures traded 0.5% lower at ₹9,132 per barrel.

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