Crude oil futures inched higher in mid-morning trade in Asia May 12 after the American Petroleum Institute reported a large draw in US crude inventories, with positive demand outlooks from the OPEC and the Energy Information Administration providing further tailwind.At 10:40 am Singapore time (0240 GMT), the ICE Brent July contract was up 11 cents/b (0.16%) from the May 11 settle at $68.66/b, while the June NYMEX light sweet crude contract was up 13 cents/b (0.20%) at $65.41/b. The API late May 11 reported a 2.5 million-barrel draw in US crude inventories for the week ended May 7, and an 870,000-barrel draw in US distillate inventories. However gains in oil prices in the wake of the report were tempered by a 5.6 million-barrel surge in US gasoline inventories. At 10:40 am, the […]