Crude oil futures hovered near $70 per barrel on Friday, marking a four-week high and heading for a third consecutive weekly gain. Prices surged after the US threatened 25 percent tariffs on countries buying Venezuelan crude, disrupting flows to China and prompting India's Reliance Industries to halt imports. US crude stockpiles also dropped by 3.34 million barrels last week, more than double forecasts, signaling strong demand. However, pressure may build as OPEC Plus plans to restore idle production starting in April, with expectations rising for Russian oil to re-enter global markets. Traders are also watching the impact of new US auto tariffs and additional levies due April 2. MCX crude oil futures for April delivery traded lower by Rs 11 at Rs 5984 per barrel.

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