Front-month ICE Brent and NYMEX crude oil futures spiked overnight, breaching the $70/b and $66/b levels, respectively, and extended their bull run Thursday morning in Asia on a weaker US dollar and lower US crude stocks. At 10:57 am Singapore time (0257 GMT), ICE March Brent crude futures were up 40 cents/b (0.57%) from Wednesday’s settle to $70.93/b, while the NYMEX March light sweet crude contract was up 54 cents/b (0.82%) at $66.15/b. US crude inventories fell for the 10th consecutive week by 1.071 million barrels to 411.583 million barrels in the week ended January 19, Energy Information Administration data showed Wednesday. Analysts surveyed by S&P Global Platts had expected a 1.6-million-barrel draw. US distillate stocks rose 639,000 barrels to 139.84 million barrels in the same week. Distillate stocks were expected to have declined by 2.5 million barrels. US gasoline stocks increased 3.098 million barrels to 244.04 million barrels, […]