Crude oil futures remained on a downward trajectory during mid-morning trade in Asia May 19, as the prospects of the Joint Comprehensive Plan of Action nuclear deal weighed on the market, while the American Petroleum Institute’s report of an unexpected crude inventory build and concerns over the progress of the pandemic in Asia also souring sentiment. At 10:52 am Singapore time (0252 GMT), the ICE Brent July contract was down 78 cents/b (1.14%) from the May 18 settle at $67.93/b, while the June NYMEX light sweet crude contract was down 49 cents/b (0.75%) at $65/b. Overnight prices had taken a significant hit after media reports said that Russia’s ambassador to the International Atomic Energy Agency, Mikhail Ulyanov, stated that the two sides had made “significant progress” towards a deal and that an “important […]