Crude oil futures were lower in mid-morning trade in Asia Monday as oversupply concerns and doubts of demand recovery take center stage again. At 10:15 am Singapore time (0215 GMT), ICE Brent June crude futures fell 26 cents/b (0.93%) from Friday’s settle to $27.82/b, while the NYMEX May light sweet crude contract was $2.66/b (14.56%) lower at $15.61/b. The sharp decline in front-month WTI continues Monday, after having settled at a fresh 18-year low Friday as near-term oversupply concerns prompted selling of prompt-dated contracts. Market concerns have prevailed over the inadequacy of the recent OPEC+ deal to balance out the sharp decline in oil demand after the COVID-19 outbreak. “Brent [has] closed below $30/b since last Tuesday, as fears of oversupply in the market have resurfaced to render the OPEC+ cuts ineffective,” OCBC […]