Crude oil futures were lower during mid-morning trade in Asia July 15 after the impasse between Saudi Arabia and the UAE on OPEC+’s oil production quotas for August showed signs of a resolution, alleviating concerns of near-term supply shortage. At 11:05 am Singapore time (0228 GMT), the ICE September Brent futures contract was down 74 cents/b (0.99%) from the previous close at $74.02/b, while the NYMEX August light sweet crude contract was down 70 cents/b (0.96%) at $72.43/b. The overnight progress in finding a compromise to the Saudi Arabia-UAE standoff with regards to oil production quotas for August and beyond, allayed concerns of the OPEC+ — a coalition of OPEC and other oil producers — alliance sticking to the prevailing July production policy for the months ahead, which was expected to result in supply tightness. […]