WTI Crude extends rebound after testing $55 per barrel

WTI Crude oil futures are witnessing an impressive rebound today after testing four-year lows near $55 per barrel in last session. Prices tanked yesterday as a break under $60 per barrel extended following OPEC+ decision to accelerate its output hikes for a second consecutive month could cap gains in the counter. Oil cut losses though as supportive US economic cues capped downside. The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Further gains emerged today in Asia and WTI crude oil futures are currently quoting at $58.77 per barrel, up around 3% on the day. MCX Crude oil futures also spiked around 2.90% to trade at Rs 4970 per barrel after hitting a high of Rs 4979 per barrel.

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