Oil rose for a second day as a weakening dollar boosted the appeal of commodities priced in the currency and geopolitical ructions limited the chance of more supply from Russia and Iran.
West Texas Intermediate traded near $63 a barrel after jumping 2.9% on Monday, while Brent closed above $64. A gauge of the dollar was near its lowest since 2023, with Wall Street banks reinforcing their calls that the greenback will decline further.
On the geopolitical front, Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war. Meanwhile, President Donald Trump said the US will not allow any uranium enrichment as part of any deal with Iran, as Tehran pushed for assurances that any agreement will include sanctions removal.
Also Read: India slashes import duties on crude edible oils to curb prices, boost supply
Crude rose as much as 5.1% on Monday after OPEC+ boosted supply in line with expectations, easing concerns of a bigger increase and leading to an unwinding of bearish bets made in advance of the decision over the weekend. Oil is still down about 12% this year, on concerns trade wars will hamper demand and as OPEC+ abandoned its former strategy of defending higher prices by curbing output.
Catch the latest stock market updates with CNBCTV18.com's blog
West Texas Intermediate traded near $63 a barrel after jumping 2.9% on Monday, while Brent closed above $64. A gauge of the dollar was near its lowest since 2023, with Wall Street banks reinforcing their calls that the greenback will decline further.
On the geopolitical front, Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war. Meanwhile, President Donald Trump said the US will not allow any uranium enrichment as part of any deal with Iran, as Tehran pushed for assurances that any agreement will include sanctions removal.
Also Read: India slashes import duties on crude edible oils to curb prices, boost supply
Crude rose as much as 5.1% on Monday after OPEC+ boosted supply in line with expectations, easing concerns of a bigger increase and leading to an unwinding of bearish bets made in advance of the decision over the weekend. Oil is still down about 12% this year, on concerns trade wars will hamper demand and as OPEC+ abandoned its former strategy of defending higher prices by curbing output.
Catch the latest stock market updates with CNBCTV18.com's blog
First Published: Jun 3, 2025 6:44 AM IST
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