Crude oil futures were rangebound during mid-morning Asian trade May 20, following an overnight slide, on increasing prospects of the restoration of the Joint Comprehensive Plan of Action, the strengthening US dollar and bearish Energy Information Administration data. At 10:49 am Singapore time (0249 GMT), the ICE Brent July contract rose 5 cents/b (0.08%) from the May 19 settle at $66.71/b, while the June NYMEX light sweet crude contract was up 6 cents/b (0.09%) at $63.41/b. According to media reports, the EU official leading the nuclear negotiations between the US and Iran, Enrique Mora, was optimistic that the JCPOA will soon be reinstated. He told reporters at the end of a fourth round of negotiations in Vienna: “I am quite sure that there will be a final agreement… I think we are on […]