Crude oil futures were rangebound, with a slight downward bias, during mid-morning trade in Asia March 12, as further upside was limited after the overnight rally. At 10:49 am Singapore time (0249 GMT), the ICE Brent May contract was down 16 cents/b (0.23%) from the March 11 settle at $69.47/b, while the April NYMEX light sweet crude contract fell 19 cents/b (0.29%) to $65.83/b. The overnight rally, driven mainly by the market pricing in the $1.9 trillion US stimulus package which President Joe Biden had made into law late March 11, had ran out of steam at the start of the Asian trading session. The stimulus package has raised the prospect of increased oil demand, as it promises to expedite global economic recovery. The stimulus package, together with a depreciated US dollar, had […]