Crude oil futures were lower during mid-morning trade in Asia Tuesday amid indicators of a potential increase in global supply. At 10:34 am Singapore time (0234 GMT), December ICE Brent crude futures were down 33 cents/b (0.43%) from Monday’s settle at $77.01/b, while the NYMEX December light sweet crude contract was 6 cents/b (0.09%) lower at $66.98/b. Market sentiment has turned bearish amid signs of increasing Russian production, possible non-compliance with US sanctions on Iranian supply, and a rising US rig count in recent days, analysts said. “Russia said that its crude oil production rose to a post-Soviet high of 11.356 million b/d in September. That’s up by almost 150,000 b/d from August and follows an agreement between producers to increase production in light of the losses from Iran and Venezuela,” ANZ Bank analysts said […]