Oil rebounds in holiday-thinned markets, WTI nears $ 40

Oil benchmarks on both sides of Atlantic rebounded sharply in the holiday-thinned Asian trades, largely on the back of somewhat supportive fundamentals.

Oil bounces-off weekly lows

Currently both crude benchmarks are seen extending recovery, with WTI rising 0.84% to $ 39.80 while the Brent oil advances 0.80% to $ 41.35. Oil prices reversed a part of last week’s losses and edged higher in the Asian session as the fall in the US production levels combined with strong gasoline demand continue to underpin the black gold.

While the sentiment around the oil markets also remain buoyed in wake of the ongoing chatter surrounding output freeze by the major oil producers, as focus now shifts towards the April 17 meeting scheduled in Doha, with the producers expected to discuss output freeze plans.

In the meantime, the weekly crude stockpiles report from the API and EIA will remain in focus, while a host of key US economic data will be closely monitored for further direction on the USD denominated black gold.

Oil benchmarks on both sides of Atlantic rebounded sharply in the holiday-thinned Asian trades, largely on the back of somewhat supportive fundamentals.

(Market News Provided by FXstreet)