Mumbai, Feb. 9 -- Crude oil futures eased on Monday, retreating below Rs.5,700, down more than 2% on the MCX as diplomatic talks between the US and Iran alleviated near-term supply concerns. The discussions, held in Oman on Friday, were described by Tehran as "a step forward," signaling potential de-escalation in tensions over Iran's nuclear program. Despite gains earlier in 2026 driven by geopolitical risks and supply disruptions, prices pulled back last week amid progress in negotiations. Investors are now awaiting this week's OPEC+ and IEA reports for further guidance on global oil supply and market direction, while keeping an eye on upcoming US-Iran and US-Israel meetings.
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