Crude oil futures jumped during mid-morning trade in Asia on May 5, as an all-around bullish American Petroleum Institute report indicated improved fundamentals in the US, while optimism over the reopening of Europe provided further tailwind to the market. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:52 am Singapore time (0252 GMT), the ICE Brent July contract was up 86 cents/b (1.25%) from the May 4 settle at $69.74/b, while the June NYMEX light sweet crude contract was up 82 cents/b (1.25%) at $66.51/b. The API data released late May 4 showed that the US’ crude inventories fell 7.69 million barrels in the week ended April 30. The fall in crude inventories was anticipated by analysts, who had told S&P Global Platts that they expected total refinery utilization to have increased 0.6 percentage points from the week prior to 86% […]