Crude oil rebounded on bargain hunting and as news reported that Gulf OPEC members pledged to cut their peak output. The front-month WTI contract rose +1.1% to settle at 49.72, while the Brent contract added +0.98% to close at 50.47 for the day. Equities were a tad softer as investors turned to bonds for the lucrative yields. Wall Street weakened with DJIA and S&P 500 indices losing -0.165 and -0.3% respectively. Soaring of Fed funds rate hike hopes sent Treasury yields to highest levels in 5 months.
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