Oil prices fell nearly 2% in early Asian trade as confirmation of US-Iran nuclear talks in Oman eased immediate geopolitical tensions, prompting traders to trim the risk premium built into crude. A firmer US dollar added pressure, with the dollar index rising above 97.5 as markets scaled back expectations for near-term Federal Reserve rate cuts. Fed Governor Lisa Cook flagged persistent inflation concerns, reinforcing a cautious policy outlook. Front-month WTI crude dropped 1.7% to $64.03 per barrel, while domestic oil futures for February slipped to Rs 5,792, retreating after a sharp rally earlier in the week driven by Middle East supply fears.
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