Crude oil futures dipped during mid-morning Asian trade June 8, amid softening demand cues from independent Chinese refineries, even as strong demand indicators from the West and slow progress in US-Iran nuclear talks, which could lift sanctions on Iranian crude, continue to support sentiment.  At 11.05am Singapore time (0305 GMT), the ICE Brent August contract was down 66 cents/b (0.92%) from the previous settle at $70.83/b, while the July NYMEX light sweet crude contract was down 63 cents/b (0.91%) at $68.60/b. Ongoing investigations into China’s independent refining sector regarding the illegal trade of government issued crude oil import quotas, as well as destocking activity amid strong crude prices, have resulting in easing demand. According to preliminary data from the General Administration of Customs, China’s crude imports slumped 14.6% on the year to a five-month low […]