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Commodity News Details
Oil extends slide below $66 as OPEC+ output surge rattles markets
05-Aug-2025 12:59
WTI crude futures eased below $66 per barrel on Tuesday, marking a fourth straight session of losses amid renewed concerns about oversupply. The decline followed OPEC+'s decision to raise output by 547,000 barrels per day in September, completing the reversal of previous production cuts. Geopolitical developments also influenced market sentiment, with the U.S. urging India to reduce Russian oil purchases. In response, India emphasized that its energy policy is guided by national interest and energy security, rejecting external pressure. Domestically, MCX crude for August delivery slipped below ₹5800. A slightly stronger U.S. dollar, with the DXY inching up to 98.7, added mild downward pressure on prices.

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