Crude oil futures were lower in mid-morning trade in Asia Monday as focus remained on oversupply concerns, with recent supply cuts widely considered unlikely to balance the unprecedented demand destruction stemming from global COVID-19 pandemic lockdowns in recent weeks. At 10:15 am Singapore time (0215 GMT), ICE Brent June crude futures were down 30 cents/b (1.40%) from Friday’s settle at $21.14/b, while the NYMEX June light sweet crude contract was $1.31/b (7.73%) lower at $15.63/b. “Crude oil inched higher on Friday as signs of further production cuts emerged. However, rising inventories and weak demand are weighing heavily on sentiment,” ANZ analysts said in a note Monday. “Oil storage tanks continue to fill. US inventories rose by 15 million barrels last week,” the analysts added. Demand for transportation fuels has plunged amid global lockdowns, […]