Oil prices surged above $65 per barrel on Friday but remained on track for a weekly decline after the US and Iran agreed to extend nuclear negotiations, easing concerns over potential supply disruptions. Markets also stayed cautious ahead of the OPEC+ meeting on Sunday, where producers may resume output hikes. For the week, Brent crude was heading for a decline of around 1%, while WTI was set to fall more than 1%, reversing part of last week’s gains. On the macro front, US initial and continuing jobless claims came in below expectations, pointing to a stable labor market. Still, the Federal Reserve is expected to keep interest rates unchanged at least until June as policymakers weigh elevated inflation against labor market risks. Meanwhile, MCX crude oil futures for March delivery traded lower by 0.8% at Rs 6001 per barrel, with investors also monitoring uncertainty around US tariffs and broader geopolitical developments.
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