Crude oil futures were rangebound in mid-morning trade in Asia June 24 as the market awaits fresh drivers. At 09:43 am Singapore time (0143 GMT), ICE Brent August crude futures were down 6 cents/b (0.14%) from the June 23 settle at $42.57/b, while the NYMEX August light sweet crude contract was 8 cents/b (0.20%) lower at $40.29/b. “We expect crude oil prices to consolidate from $37-$43/b in the short term as the market awaits further developments to determine its next direction,” OCBC analysts said in a June 24 note. “Brent failed to close above the resistance of $43.40/b yesterday, retreating to $42.63/b after private estimates suggested US crude oil inventories may climb again this week from the current record high,” the analysts said. Signs global oversupply was easing due to recent OPEC+ efforts […]