Crude oil futures extended the fall below $69 per barrel on Monday, as recovering tanker traffic through the Strait of Hormuz and OPEC+'s decision to increase production by 188,000 barrels per day (bpd) in August fueled expectations of higher global supply. The alliance also reiterated that future output adjustments will remain flexible, with the next policy review scheduled for 2 August. The normalization of energy flows through the Strait of Hormuz further eased concerns over supply disruptions, adding to the bearish sentiment in the oil market. Reflecting the softer global trend, MCX July crude oil futures slipped below ₹6,500 per barrel, declining more than 1% during the session.

Powered by Commodity Insights