| WTI crude oil futures edged below $64 per barrel on Friday amid mild profit-taking but remained on track for their first monthly gain after five consecutive months of losses, supported by a weaker US dollar and an elevated geopolitical risk premium. Persistent concerns over renewed US'Iran tensions have kept markets on edge, particularly over potential disruptions to energy flows through the Strait of Hormuz, a critical artery for global oil shipments. Oil prices have also drawn support this month from supply-side constraints, including production outages in Kazakhstan, US freeze-offs, tighter restrictions on Russian oil purchases, and geopolitical strains in Venezuela, helping offset lingering oversupply concerns. In the domestic market, MCX crude oil futures for February delivery traded nearly 2% lower at around ₹5,934 per barrel, mirroring the global pullback while retaining a constructive monthly tone. Powered by Commodity Insights |