Crude oil futures rise after sharp fall but oversupply caps recovery

S&P GLOBAL PLATTS | Crude oil futures edged up during mid-morning trade in Asia Wednesday after sharp declines overnight, but oversupply concerns placed a lid on the rise. At 10:07 am Singapore time (0207 GMT), ICE Brent June crude futures rose 24 cents/b (0.81%) from Tuesday's settle to $29.84/b, while the NYMEX May light sweet crude contract was 31 cents/b (1.54%) higher at $20.42/b. Prices settled sharply lower Tuesday amid concerns that the OPEC+ cuts would be insufficient to prevent a near-term oil glut.

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