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Commodity News Details
WTI Crude drops below $62, geopolitics weigh on sentiment
13-May-2025 13:44
WTI Crude oil futures fell below $62 per barrel on Tuesday, with MCX crude slipping to Rs 5290 as a stronger rupee weighed on prices. Earlier gains from the US-China 90-day tariff pause faded as focus shifted to rising OPEC+ supply signals and geopolitical developments. OPEC+ is expected to boost output in May and June, adding to oversupply concerns. Meanwhile, hopes of easing US sanctions on Iranian crude rose after President Trump hinted at progress in nuclear talks. Traders are also watching possible Russia-Ukraine peace talks, with Kyiv inviting US involvement.

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