Crude oil futures fell in midmorning trade in Asia Friday as bearish demand and supply indicators continued to underpin market outlook. At 10:30 am Singapore time (0230 GMT), ICE Brent May crude futures were down 29 cents/b (0.87%) from Thursday’s settle at $32.93/b, while the NYMEX April light sweet crude contract was 45 cents/b (1.43%) lower at $31.05/b. Demand has taken a substantial hit amid the coronavirus pandemic, while a looming supply glut due to a lack of OPEC+ consensus also dampened sentiment. “With jet fuel demand falling off a cliff and recessionary fears moving like a wrecking ball through the oil industry, oil prices continued their descent in the abyss overnight and are now on track for a greater than 25% this week,” said AxiCorp’s chief market strategist Stephen Innes Friday. The […]