Oil resumes OPEC deal-led bullish run, Brent nears $ 51

Oil prices on both sides of the Atlantic stalled its corrective mode seen almost through the Asian session this Monday, and swung back into gains during the European hours, as appetite for risky assets returned to markets.

Attention to US manufacturing PMI reports

Currently, both crude benchmarks rebound, with Brent up +1.12% at $ 50.74, while WTI jumps +1.04% to test $ 48.80. Oil prices resumed its ongoing bullish momentum as investors’ sentiment continues to remain buoyed amid planned output cut agreement announced by the OPEC last week.

Moreover, with risk-on trades back in vogue, investors seek advantage from higher-yielding assets such as equities, oil etc., and hence drive the commodity higher.

However, it remains to be seen whether how long the renewed oil-price rally sustains, given the recent reports of record high output from the OPEC and bearish US rigs count data.

Later this week, investors eye the weekly crude supply reports for fresh insights on the crude supply-side scenario.