Crude oil futures continued to retrace early-week losses in mid-morning trade in Asia Wednesday amid a slowdown in the number of new coronavirus or COVID-19 cases reported in Asia. At 10:40 am Singapore time (0240 GMT), ICE Brent May crude futures were up $1.48/b (3.98%) from Tuesday’s settle at $38.70/b, while the NYMEX April light sweet crude contract was $1.13/b (3.29%) higher at $35.49/b. Prices plummeted Monday after OPEC and its allies failed to reach agreement on cutting production, but have edged higher since as pockets of optimism emerged in the market. “The virus outbreak in China looks increasingly to have come under control, while the drop in case counts in South Korea, the best proxy case study for investors, is providing a light at the end of the COVID-19 tunnel,” AxiCorp’s […]