Mumbai, Feb. 5 -- Oil futures extended losses toward $72 per barrel as US-China trade tensions overshadowed supply concerns from Trump's renewed pressure on Iran. On Tuesday, Trump reinstated his "maximum pressure" campaign, aiming to cut Iran's oil exports to zero, affecting around 1.5 million barrels per day. Meanwhile, API data showed US crude inventories surged by 5.025 million barrels. Elsewhere, the dollar index dipped below 108, providing some relief to oil prices. OPEC+ confirmed plans to gradually boost output from April. In India, MCX crude futures traded slightly lower at Rs 6,340 per barrel today, rebounding smartly from the low of Rs 6,176 in the previous session.
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