Crude oil futures jumped during morning trade in Asia June 16, as data from the American Petroleum Institute showed a large draw in US crude inventories, and as the market continued to buy into the global demand recovery narrative. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:23 am Singapore time (0223 GMT), the ICE August Brent futures contract was up 62 cents/b (0.84%) from the previous settle at $74.61/b while the NYMEX July light sweet crude contract was up 59 cents/b (0.82%) at $72.71/b. The rise in prices came as API data, released June 15, indicated improved fundamentals in the market, showing an 8.54 million-barrel decline in US crude inventories in the week ended June 11. Given the striking crude draw figure, markets largely overlooked more bearish downstream product inventory data, which showed US gasoline and distillate inventories rising by 2.85 […]