Crude oil futures were trading higher in mid-morning trade in Asia July 1 after a significant draw in US crude oil inventories and despite an increase in coronavirus cases clouding the demand outlook. At 10:25 am Singapore time (0225 GMT), new front-month ICE Brent September crude futures were up 45 cents/b (1.09%) from the June 30 settle at $41.72/b, while the NYMEX August light sweet crude contract was 53 cents/b (1.35%) higher at $39.80/b. “The American Petroleum Institute survey estimated a significant draw in crude oil inventories of 8.156 million barrels for the week ending June 26, which was much higher than analysts’ guesses,” Stephen Innes, chief global markets analyst at AxiCorp, said in a note July 1. Market participants will look to more definitive US Energy Information Administration data due for […]