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WTI falls on renewed US-Iran talks and steady OPEC+ output
03-Feb-2026 13:53
WTI crude oil futures dipped below $62 per barrel in Asia electronic trading on Tuesday, extending the sharpest decline in months as easing geopolitical concerns eased the risk premium in energy markets. Prices were pressured after the US and Iran agreed to resume talks this Friday to restore diplomacy and reduce regional conflict risks, helping calm supply-disruption fears. Further weighing on sentiment, OPEC+ confirmed plans to keep production steady in March, reinforcing ample supply conditions even as seasonal demand remains soft. Meanwhile, a US-India trade announcement ' including lower tariffs and shifts in oil buying patterns ' added to market uncertainty. On the Indian MCX, February crude futures also eased, tracking global weakness. Investors now await Friday's US jobs report, though its release may be impacted by a partial government shutdown.

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