Oil prices extended gains in Asian trade Wednesday with Nymex futures trading above the $60 mark, as U.S. inventory numbers are expected to signal further slowing of shale oil production. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $60.88 a barrel at 0257 GMT, up $0.74 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.48 to $65.36 a barrel. Both Nymex and Brent oil futures gained nearly 3.5% overnight, and have settled higher for two of the past three trading sessions. Nymex crude is trading around 13% higher year-to-date and Brent around 14% higher year-to-date. The oil price rally since yesterday comes from oil bulls returning to the market, as most of them were probably holding off their trades until the OPEC meeting concluded last week, analyst Daniel Ang at Phillip Futures said. “This accounts […]