Mumbai, May 8 -- WTI Crude oil futures climbed above $58 per barrel on Thursday, recovering some ground after a surprise 2 million-barrel drop in US crude inventories. MCX crude futures rose too, nearing the Rs 5000 per barrel mark. The rally came despite gasoline price concerns hinting at weak demand ahead of summer. Market sentiment remains fragile due to stalled US-China trade talks and OPEC+ signals to speed up output hikes. The Fed kept rates steady, citing growing economic uncertainty. Analysts say the price rebound may be short-lived unless demand fundamentals improve and geopolitical tensions ease. Traders are closely watching upcoming data for further cues.
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