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Commodity Mid Session News

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(30 Jan 2025, 13:52)

Oil flat near $72 as traders eye OPEC+ and US policy

Oil futures held near $72.5 per barrel on Thursday after a 1% drop in the previous session. Weighing on prices, the EIA reported a 3.463 million-barrel rise in US crude stockpiles, the first increase in 10 weeks. Meanwhile, the Fed kept interest rates steady, offering little clarity on future cuts that could support demand. Uncertainty over US trade policy also kept markets cautious, as Trump’s nominee for commerce secretary hinted at possible tariff exemptions for Canada and Mexico. Traders now focus on the OPEC+ meeting on February 3 for signals on April supply plans. MCX February oil futures traded flat at Rs 6294 per barrel.
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