Crude futures were lower in mid-morning trade in Asia Oct. 21, erasing overnight gains, after data from the American Petroleum Institute pointed to a build in US crude inventories and an oil production ramp-up in Libya gathered pace. At 9:56 am Singapore time (0156 GMT), ICE Brent December crude futures were down 31 cents/b (0.72%) from the Oct. 20 settle at $42.85/b, while the NYMEX December light sweet crude contract was 29 cents/b (0.7%) lower at $41.41/b. The markers closed 1.27% and 1.55% higher, respectively, Oct. 20 on increased optimism over US fiscal relief. The fall in mid-morning Asia trade came after the API reported late Oct. 20 that US crude inventories rose 584,000 barrels to 490.6 million barrels in the week ended Oct. 16. The build caught market watchers by surprise, as […]