Crude oil rebounded in early Asia on Friday following a sharp slump in the previous session amid concerns about outlook for energy demand amid rising possibility of a recession in several parts of the globe. However, supply concerns on potential output cuts by OPEC+ and continued decline in crude stockpiles in US supported bounce back in the commodity. COMEX crude oil futures fell more than 2.5% on Thursday and are currently quoting up 1% at $93.38 per barrel. Meanwhile, the commodity is likely to retrain some caution ahead of ahead of Chairman Jerome Powells speech at the Jackson Hole symposium later in the global day. Powered by Commodity Insights
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