Crude oil futures were lower in mid-morning trade in Asia Aug. 20 after the US dollar strengthened, a drawdown in US commercial crude inventories proved smaller than analysts had expected and the global demand outlook remained fragile. At 11:05 am Singapore time (0305 GMT), ICE Brent October crude futures were down 40 cents/b (0.88%) from the previous settle at $44.97/b, while the NYMEX September light sweet crude contract was down 44 cents/b (1.02%) at $42.49/b. “The US dollar rebounded yesterday [Aug. 19] after five consecutive sessions of losses and is continuing to firm this morning. The dollar’s continuing tumble has been a vital prop for crude prices in recent weeks,” Vandana Hari, Founder and CEO of oil consultancy firm Vanda Insights, told S&P Global Platts Aug. 20. The US Federal Reserve released the […]