Mumbai, May 16 -- Crude oil futures hovered around $61 per barrel on Friday, set for a weekly gain as optimism over the US-China 90-day trade truce lifted sentiment. The agreement eased demand fears from the world's top oil consumers. The IEA raised its global supply forecast by 380,000 barrels per day, citing higher output from Saudi Arabia and other OPEC+ members as they unwind production cuts. However, further gains were limited by hopes of a US-Iran sanctions relief deal and a surprise build in US crude inventories. MCX June crude oil futures remained flat at Rs.5257 per barrel.
Published by HT Digital Content Services with permission from Capital Market....