Crude oil futures declined during the mid-morning trade in Asia July 19, as the market participants were concerned over a rise in supply following an OPEC+ deal to an impending increase in production quotas, while the rapid spread of the Delta variant of the coronavirus raised worries about the re-imposition of demand-sapping mobility restrictions. At 10:53 am Singapore time (0253 GMT), the ICE September Brent futures contract was down $1.20/b (1.63%) from the previous close at $72.39/b, while the NYMEX August light sweet crude contract was down $1.14/b (1.59%) at $70.67/b. “A cocktail of bearish factors are causing the fall in prices we are seeing this morning, and one of them is the impending increase in OPEC+ supply after the coalition reached a deal to ease production quotas,” David Lennox, resource analyst at Fat Prophets, […]