Crude oil futures were higher in mid-morning trade in Asia May 31 as the market remained buoyed by expectations of strong oil demand from the US and Europe in summer as it awaited pricing cues from the OPEC+ meeting set for June 1. At 11:12 am Singapore time (0312 GMT), the ICE Brent August contract was up 31 cents/b (0.45%) from the previous settle at $69.03/b, while the July NYMEX light sweet crude contract was 37 cents/b (0.56%) higher at $66.69/b. High vaccination rates and easing mobility restrictions were painting a rosy picture for oil demand in the west, market analysts said. “Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter,” Avtar Sandu, senior commodities manager at Phillips Futures, said in a […]