Crude oil futures took a dive during mid-morning Asian trade Oct. 7, erasing overnight gains, as US President Donald Trump ordered a stop to discussions over a new stimulus package, while bearish data from the American Petroleum Institute took the market by surprise. At 11.05 am Singapore time (0305 GMT), ICE Brent December crude futures were down 71 cents/b (1.66%) from the Oct. 6 settle to $41.94/b, while the NYMEX November light sweet crude contract down 82 cents/b (2.01%) at $39.85/b. Both international crude markets had risen 3.29% and 3.70% to settle at $42.65/b and $40.67/b, respectively, on Oct. 6 Amid the unfavorable demand and supply equation in the oil markets, crude oil prices have been tethered to the prospect of US fiscal relief, which is expected to inject life into […]