Crude oil futures recovered slightly in mid-morning trade in Asia Tuesday, after prices plunged Monday, though the outlook for oil remains bleak amid concerns of weakening demand and growing supply. At 10:45 am Singapore time (0245 GMT), May ICE Brent crude futures were up $1.99/b (5.79%) from Monday’s settle to $36.35/b, while the NYMEX April light sweet crude contract was $1.48/b (4.75%) higher at $32.61/b. Bearish concerns loomed as oil producers may potentially ramp up production to gain market share, while economic prospects and downstream demand continue to take a hit amid the global spread of the coronavirus. “The uncertainty around the state of the oil and more broadly, energy market, as well as the continued spread of the coronavirus has left investors grasping at straws,” Mizuho Bank analysts said. Crude futures […]