Crude oil futures were rangebound during mid-morning trade in Asia Aug. 6 as the continued spread of COVID-19 worldwide weakened sentiment, overturning some of the gains from the overnight rally which was spurred by the larger-than-expected drawdown in US commercial crude inventories. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:44 am Singapore time (0244 GMT), the ICE Brent October crude futures was up 9 cents/b (0.2%) from the Aug. 5 settle at $45.28/b, while the NYMEX September light sweet crude contract was down by 1 cent/b (0.02%) at $42.18/b. “Oil prices rose to their highest since early March on Wednesday after a large decline in US crude inventories and the US dollar weakened, but mounting COVID-19 infections had market participants worried about the demand outlook,” a UOB analyst said in an Aug. 6 note. US commercial crude inventories fell […]