Crude oil futures rebounded Thursday morning, avoiding a drop below $50 a barrel.
Traders expressed renewed faith that OPEC's supply cuts will alleviate the global supply glut despite rampant US production.
"We are optimistic the policy measures have already placed us on the path of recovery," OPEC head Mo Barkindo said in a speech yesterday. "Our collective action will continue to prove effective."
WTI light sweet crude oil was up 40 cents $50.83 a barrel.
Attention will be paid tomorrow when Baker Hughes releases its weekly U.S. oil rig count. Domestics have been adding rigs at a breakneck pace for the past few months.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org