Crude Oil Prices Ease Towards $101-$102 Per Barrel Amid Saudi Supply Hopes

The price of crude oil eased towards $101 to $102 per barrel for Brent and $98 per barrel for WTI on Monday, extending a multi-session decline. This was due to improving Saudi supply and hopes of a diplomatic opening on Iran.

According to Univest's commodities desk, the same global cues that moved Indian equities on Monday are being tracked for Tuesday's session. These cues include a risk appetite improvement as crude oil prices declined and global bond yields softened.

The US dollar held firm near its strongest level of the week against a basket of major currencies, posing a headwind for dollar-denominated commodities like crude oil. Key events and triggers to watch for tomorrow include US core inflation data and weekly jobless claims, as well as the Trump and Xi summit in Washington.

A continuation of Monday's pattern would keep crude oil broadly range-bound into Tuesday, while a fresh move in the dollar index or US Treasury yields would be a clearer trigger for a bigger swing.