Crude oil futures were rangebound during the mid-morning trade in Asia March 17, as a surprise draw in US crude inventories helped ease concerns over weak European demand and increased Iranian supply. At 10:16 am Singapore time (0216 GMT), the ICE Brent May contract was down 6 cents/b (0.09%) from the March 16 settle at $68.33/b, while the April NYMEX light sweet crude contract lost 2 cents/b (0.03%) at $64.78/b. Data from the American Petroleum Institute, released March 16, showed a surprise 1 million-barrel draw in US crude inventories in the week ended March 12. In contrast, API data released on March 9 had showed a massive 12.80 million barrel build in the week ended March 5, with March 10 data from the Energy Information Administration subsequently confirming the build. API products data, […]