Crude oil futures were higher during mid-morning trade in Asia Wednesday, finding support from the US Energy Information Administration’s report which said replacement for Iranian barrels following US sanctions may not arrive for months. A bullish American Petroleum Institute oil product inventory report also gave the market a boost. At 10:25 am Singapore time (0225 GMT), July ICE Brent crude futures moved 36 cents/b (0.52%) higher from Tuesday’s settle to $70.24/b, while the NYMEX June light sweet crude contract gained 46 cents/b (0.75%) to $61.86/b. The EIA in its May Short-Term Energy Outlook released Tuesday said with US waivers expiring, Iranian crude is likely to quickly fade from the world market and, while replacement barrels are coming, they may not arrive for months. The US last week decided to let sanctions waivers expire for Iran’s […]