¬†Crude oil futures ticked higher the mid-morning trade in Asia May 28 as positive economic data from the US augured well for oil demand, even as concerns persisted over the pandemic’s progression in Asia. At 10:26 am Singapore time (0226 GMT), the ICE Brent July contract was up 18 cents/b (0.26%) from the previous settle at $69.64/b, while the July NYMEX light sweet crude contract was 29 cents/b (0.43%) higher at $66.85/b. US initial unemployment claims fell 9% on the week to a 14-month low of 406,000 in the week ended May 22, Department of Labor data released May 27 showed. The decline in claims exceeded market expectations and reinforced the US economic recovery narrative, according to analysts. Oil and the broader commodities complex also received support from reports that US President Joe Biden will […]