Singapore May 6 2025: Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in prior session by OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.
Brent crude futures rose 92 cents to $61.15 a barrel by 0309 GMT, while U.S. West Texas Intermediate crude added 89 cents to $58.02 a barrel.
Both benchmarks had settled at their lowest since February 2021 on Monday, driven by an OPEC+ decision over the weekend to further speed up oil production hikes for a second consecutive month.
