Crude oil futures regained some strength in mid-morning trade in Asia April 6 on the back of a weaker US dollar and healthy US economic data, after a steep selloff overnight.  At 10:41 am Singapore time (0241 GMT), the ICE Brent June contract was up 58 cents/b (0.93%) from the April 5 settle at $62.73/b, while the June NYMEX light sweet crude contract was 61 cents/b (1.04%) higher at $59.29/b. The markers fell $2.71/b and $2.80/b respectively April 5 after OPEC+ abruptly agreed April 1 to loosen its quotas and add more than 2 million b/d into the market by July. “Yesterday’s selloff was predictable, because the initial price reaction to OPEC+’s decision to roll back production cuts was incongruent. The market may have swung too much on the other side, and is […]