Crude oil and refined product prices slumped during mid-morning trade in Asia May 11, as fears of a shortage in supply of refined products in the US East Coast eased despite the Colonial pipeline remaining offline, and as sentiment soured after the World Health Organization declared India’s B.1.617 coronavirus strain as a variant of concern. At 11:32 am Singapore time (0332 GMT), the ICE Brent July contract was down 54 cents/b (0.79%) from the May 10 settle at $67.78/b, while the June NYMEX light sweet crude contract was down 53 cents/b (0.82%) at $64.39/b. For refined products, the NYMEX June RBOB contract was trading 1.47 cents/gal (0.69%) lower from the May 10 settle at $2.1187/gal and NYMEX June ULSD contract was down 0.86 cents/gal (0.43%) at $2.0080/gal. The Colonial pipeline, a primary artery […]