Crude oil futures were rangebound during mid-morning trade in Asia Jan. 29 as the OPEC+ production cuts paring back the global supply glut cushioned the impact of depressed demand due to ongoing coronavirus concerns. At 10:53 am Singapore time (0253 GMT), the ICE Brent March contract was up 5 cents/b (0.09%) from the Jan. 28 settle at $55.58/b, while the March NYMEX light sweet crude contract was down 7 cents/b (0.13%) at $52.27/b. OPEC+ in early January announced production cuts going into the first quarter of 2021 aimed at reducing the mismatch between excess crude oil supply in the market and weak energy demand. The production cuts are continuing to be effective in supporting the market, with WTI crude still seen as resilient against any major pullback, said Edward Moya, a senior analyst […]