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Oil flat ahead of OPEC+ meet; eyes 2% weekly gain

04-Jul-25 13:43 Hrs IST

Oil prices held steady in cautious trade ahead of this week's key OPEC+ meeting. WTI crude hovered near $67.07, up just 0.1%, within a tight range, while MCX July crude was flat at ₹5719. Markets await clarity on OPEC's expected move to add 411,000 bpd in August, stoking oversupply worries. While the recent US-Vietnam trade deal lifted sentiment slightly, broader uncertainty lingers with the EU and Japan still awaiting deals before the July 9 tariff pause ends. Despite the cautious tone, WTI is on track to post a weekly gain of over 2%, rebounding from its sharpest drop in more than two years. A weaker US dollar, now below 97, offered some support.

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