Crude oil futures were rangebound during mid-morning Asian trade May 6 following the release of the US Energy Information Administration’s latest data, which was mixed. At 11:30 am Singapore time (0330 GMT), the ICE Brent July contract was up 24 cents/b (0.35%) from the May 5 settle at $69.20/b, while the June NYMEX light sweet crude contract was up 15 cents/b (0.23%) at $65.78/b. The EIA data released late May 5 showed US crude inventories experiencing their largest draw since the week ended Jan. 1. According to the data, US crude inventories declined 7.99 million barrels to 485.12 million barrels in the week ended April 30. The draw in crude inventories not only exceeded analysts’ expectations of a 3.9 million-barrel fall, but was also ahead of the American Petroleum Institute’s May […]