WTI catches fresh bids, looks to regain $ 65.50

• Will the renewed upside hold ahead of the US ISM data?
• US rigs count data and weaker DXY underpin the sentiment.

WTI (oil futures on NYMEX) stalled its recovery mode from six-day troughs of $ 64.16, as the bulls entered a consolidative mode amid a lack of fresh catalysts and Easter holiday-induced light trading.

Over the last hour, the barrel of WTI is seen breaking higher from the tight range above the $ 65 mark, despite looming concerns over rising Russian output levels, as upbeat US rigs count data combined with broad-based US dollar weakness continue to offer the much-need support to the prices.

Baker & Hughes oilfields Services Company showed in its latest data released Friday, the drillers there cut seven oil rigs in the week to March 29, bringing the total count down to 797. It was the first time in three weeks that the rig-count fell, according to Reuters.

However, further upside looks doubtful, as the latest Reuters survey, citing that Saud Arabia is expected to cut crude oil prices to Asia, will weigh negatively on the investors' sentiment while weekend’s news about Iraqi cabinet having approved raising crude oil output capacity could also keep the gains in check.

Focus now shifts towards the US weekly crude supplies data for fresh direction on the black gold.