Gulf Producers Boosted Oil Prices by Hinting More on Output Cut

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.