Oil futures rose by $1 per barrel, with WTI at $60.39 and Brent at $64.96, supported by a weaker U.S. dollar and stronger global growth expectations. Indian energy stocks, however, slipped as rising crude costs pressured refining margins, highlighting the divergence between global commodity gains and domestic equities.
Oil futures climbed by $1 per barrel for both U.S. and Brent crude, driven by a softer U.S. dollar and renewed optimism around global economic growth. The gains reflect stronger demand expectations and increased investor confidence in energy markets amid favorable macroeconomic signals.
Oil prices extended their upward momentum, with both West Texas Intermediate (WTI) and Brent crude futures gaining $1 per barrel in recent trading. The rally was fueled by a weakening U.S. dollar, which made dollar-denominated commodities more attractive to international buyers, and by improving global growth forecasts that lifted demand sentiment across energy markets.
Key Drivers Behind The Price Movement
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WTI crude rose to $60.39 while Brent crude reached $64.96, each marking a gain of approximately 1.6% to 1.77% in the latest session
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The U.S. dollar index softened, enhancing the appeal of oil contracts priced in dollars for foreign investors
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Global economic indicators, particularly from Asia and Europe, signaled stronger-than-expected recovery trajectories, boosting demand expectations
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Investor sentiment was buoyed by reduced U.S. crude inventories and seasonal refinery activity, tightening short-term supply
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Market analysts noted that while short-term momentum remains positive, longer-term risks such as potential oversupply from OPEC+ and geopolitical shifts could temper gains
Sources: Reuters, ScanX News, Roic News