NYMEX and ICE Brent crude futures were substantially lower in mid-morning trade in Asia Monday, having recovered slightly from the more than 3% dive at the open, as the rise in COVID-19 cases outside China threatens global demand. At 10:35 am Singapore time (0235 GMT), April ICE Brent crude futures fell $1.67/b (2.85%) from Friday’s settle at $56.83/b, while the NYMEX April light sweet crude contract fell $1.42/b (2.66%) at $51.96/b. Concerns over slower economic growth crept in amid a surge in COVID-19 cases outside China, including in South Korea, Japan and Italy, analysts highlighted. “The non-linear trajectory in which the coronavirus case development seems to be moving once again spells of the uncertainty with this highly contagious virus, one to weigh on market sentiment going into the fresh week,” IG’s […]