Crude oil futures slipped in mid-morning trade in Asia Wednesday after the International Energy Agency said the global oil markets are “adequately supplied” and US crude inventories climbed. At 10:32 am Singapore time (0232 GMT), ICE June Brent crude futures were down 40 cents/b (0.54%) from Tuesday’s settle at $74.11/b, while the NYMEX June light sweet crude contract was 39 cents/b (0.59%) lower at $65.91/b. Citing increased production from the US by 1.6 million b/d this year, the IEA added that easing infrastructure bottlenecks in the US would help oil exports keep pace with production. The IEA, however, noted that further tightening of I ran sanctions by the US would restrict Iran’s ability to export crude oil. Iranian oil minister Bijan Zanganeh on Tuesday said the US sanctions crackdown will backfire in the form of […]