Crude futures dipped during mid-morning Asian trade Oct. 22 as data from the Energy Information Association indicated that the US’ downstream demand remains weak and on persistent concerns over the the ramp-up in Libyan oil production. At 10.41 am Singapore time (0241 GMT), ICE Brent December crude futures were down 21 cents/b (0.5%) from the Oct. 21 settle to $41.52/b, while the NYMEX December light sweet crude contract was down 25 cents/b (0.62%) at $39.78/b. Both international crude markets had plunged 3.31% and 4.00% to settle at $41.73/b and $40.03/b, respectively, on Oct. 21. Market analysts attributed the falling prices to worse-than-expected Oct. 21 data from the EIA, with a 1.9 million-barrel climb in US gasoline inventories in the week ended Oct. 16 grabbing headlines. According to the EIA, US gasoline stocks stand […]