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Commodity Mid Session News

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(02 Jul 2025, 13:21)

Oil flat near $65 as OPEC+ decision looms

WTI crude oil futures hovered near $65 on Wednesday, staying flat as traders awaited OPEC+’s output decision. The group is poised to raise production in August, lifting this year’s total addition to 1.78 million bpd. API data showed a surprise build in US inventories, ending a month-long drawdown streak. On MCX, July crude traded steady around ₹5616 per barrel. Market sentiment remains cautious amid easing Middle East tensions and lingering uncertainty over potential US tariffs post the July 9 deadline. Weak global demand indicators and China’s mixed economic signals are also weighing on the outlook.
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