According to market data, crude oil rose to $62.57 per barrel on February 3, up 0.70% from the previous day. Over the past month, prices have increased 7.29%, but crude remains 13.93% lower than a year ago.
Senior analyst Priyanka Sachdeva of Phillip Nova said recent swings reflect sentiment-driven trading rather than strong fundamentals. She noted that after last week’s rally, prices quickly fell as global markets turned volatile.
For now, investors are expected to remain cautious as they await clarity on US-Iran talks, trade negotiations, and global demand trends.