Crude oil futures were rangebound during mid-morning trade in Asia May 7 as the threat of mutant coronavirus strains from India dampened market sentiment, but a weaker US dollar provided tailwind to prices. At 11:12 am in Singapore (0312 GMT), the ICE Brent July contract was up 27 cents/b (0.4%) from the May 6 settle at $68.36/b, while the June NYMEX light sweet crude contract was up 29 cents/b (0.45%) at $65/b. The debilitating second wave of the pandemic in India continued to limit the market’s upside. The country reported a record 412,431 new COVID-19 infections on May 5, with the death toll at another record high 3,980, latest data from John Hopkins university showed. Investors are concerned that the protracted pandemic situation in India could yield more mutant strains of the virus, […]