Crude oil futures were tad lower during the mid-morning trade in Asia May 3, as the market weighed the progress of the pandemic in India against the oil demand recovery in the US and Europe. At 11:01 am Singapore time (0301 GMT), the ICE Brent July contract was down 8 cents/b (0.12%) from the April 30 settle at $66.68/b, while the June NYMEX light sweet crude contract was down 5 cents/b (0.08%) at $63.53/b. Concerns over India’s debilitating second wave of the coronavirus pandemic remained etched in the market, and continued to drive price movements. India saw 392,488 new COVID-19 infections and a record 3,689 deaths on May 1, latest data from John Hopkins University showed, even as parts of the country remained under lockdown. ING analysts, in a May 3 note, referenced […]