| 16 Feb 2026 13:30 | | WTI under pressure on supply concerns despite diplomacy | | | WTI crude oil futures hovered below $63 per barrel in early electronic trading on Monday as markets closely monitored a second round of US-Iran nuclear talks scheduled in Geneva. Hopes that renewed diplomacy could ease geopolitical risks have kept traders cautious, limiting upside momentum. Oil prices weakened further last week after comments from US President Donald Trump raised expectations of a possible deal with Tehran within the next month. Brent crude slipped around 0.5% on the week, while WTI lost about 1%, reflecting reduced risk premiums. Beyond geopolitics, prices remain pressured by ample global supply. Reports suggest some OPEC+ members see scope to resume supply hikes as early as April, while the International Energy Agency reaffirmed expectations of a sizeable oil surplus in 2026 and trimmed its demand growth outlook. In India, MCX February crude futures traded 0.4% lower at Rs 5,703 per barrel.
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