Oil prices rebound in Asia early Thursday after dropping 5% overnight, but are under pressure amid mounting concerns that the market is still well-oversupplied despite output cuts made by OPEC member nations. U.S. government data showing record-high inventories last week and production remaining above 9 million barrels/day cast a pall over the market. “It is increasingly looking like OPEC will need to extend supply cuts beyond midyear in order to meaningfully reduce the surplus in oil markets and keep prices elevated,”. April WTI was recently up 39 cents at $50.59/barrel and May Brent was up 42 cents at $53.53.
WTI crude touch 48.71$ & will little bounce from that price.