Mumbai, May 6 -- WTI crude oil prices rebounded by more than 1.5% in early Asian trades on Tuesday following a sharp decline near $55 mark in the previous session. Renewed tensions in Middle East supported the commodity although oversupply concerns following OPEC+ decision to accelerate its output hikes for a second consecutive month could cap gains in the counter. Last week, OPEC+, the Organization of the Petroleum Exporting Countries and its allies, agreed to ramp up production for a second straight month, announcing an additional 411,000 barrels per day (bpd) increase for June. Currently, WTI crude oil futures are quoting at $58.02 per barrel, up 1.56% on the day.
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