WTI crude oil futures surged near $63 per barrel, supported by OPEC+'s modest output increase of just 137,000 bpd, signaling caution amid expectations of an upcoming market surplus. Geopolitical tensions added further support, as fears of new sanctions on Russian oil grew after President Trump warned of a second phase of restrictions following major Russian airstrikes in Ukraine. MCX crude for September delivery rose by almost 1% to ₹5542 per barrel. The dollar index remained weak at 97.3, as concerns over a cooling US labor market and projected job revisions increased bets on Federal Reserve rate cuts. Investors now await key inflation data this week, including the producer and consumer price indices, which could shape the Fed's next policy move.

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