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Commodity News Details
Hot Commodiites: WTI slides sharply as OPEC+ holds output and US'Iran tensions cool
02-Feb-2026 13:19
WTI crude oil futures tumbled more than 4% toward $62 per barrel on Monday, retreating from multi-month highs after OPEC+ confirmed it would keep production unchanged in March and signs emerged of easing tensions between the United States and Iran. President Donald Trump expressed optimism about a potential deal with Tehran, softening last month's intense rhetoric that had fueled geopolitical risk premiums. Downside pressure was reinforced by expectations of ample global supply, with the International Energy Agency projecting a record oil glut as demand growth slows while output rises from non-OPEC producers. In India, MCX February crude futures mirrored the global selloff, slipping over 5% to ₹5,676 per barrel.

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