Oil futures climbed to $68 per barrel on Wednesday, rebounding after two days of losses, supported by an unexpected 0.6 million barrel drop in US crude inventories. Despite the rise, weak fundamentals'such as low Chinese demand and robust supply'maintain a downside bias, especially with the easing Middle East risk premium. Additionally, a strong US dollar, trading near a three-month high at an index level of 104, pressures dollar-denominated commodities. Key economic data releases, including Q3 GDP, PCE price index, and nonfarm payrolls, are expected this week, potentially influencing Fed policy. MCX oil for November delivery traded near Rs 5730, gaining Rs 62.

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