Crude oil futures were higher by more than $1/b during mid-afternoon trade in Asia Monday, with ICE Brent crude crossing the $80/b mark on intensifying geopolitical tensions between the US and Venezuela, and a marginal fall in the US oil rig count. Receive daily email alerts, subscriber notes & personalize your experience. Register Now This came as Saudi Arabia reiterated at the OPEC/non-OPEC monitoring committee meeting over the weekend in Algiers that the oil market is balanced, and is willing to produce more crude to mitigate supply risks ahead. At 1:45 pm Singapore time (0545 GMT), ICE November Brent crude futures rose $1.27/b (1.61%) from Friday’s settle to $80.07/b, while the NYMEX November light sweet crude contract was $1.06/b (1.50%) higher at $71.84/b. The last time the front-month ICE Brent futures contract crossed $80/b during intraday trading session was in late May, data from S&P Global Platts […]