WTI crude oil futures lingered below $63 per barrel on Friday, extending a second consecutive weekly retreat of over 1%, as persistent oversupply concerns dominated market sentiment. The International Energy Agency projected a record 2026 surplus of 3.7 million barrels per day and revised downwards its global oil demand forecast, citing inventory accumulation in 2025 at the fastest pace since the pandemic. Meanwhile, OPEC struck a cautiously optimistic tone, highlighting the resilience of global economic growth at 3.1% in 2025 and projecting steady expansion in 2026'2027, underpinning demand growth of 1.4 mb/d in 2026, largely led by non-OECD economies. MCX February crude futures traded marginally higher at Rs 5704 per barrel, reflecting nuanced market dynamics.

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