Crude oil futures were steady to lower during mid-morning trade in Asia July 14 as expectations of tightening near-term supply were countered by COVID-19 resurgences softening regional demand cues. At 10:35 am Singapore time (0235 GMT), the ICE September Brent futures contract was down 18 cents/b (0.24%) from the previous close at $76.31/b, while the NYMEX August light sweet crude contract was down 23 cents/b (0.31%) at $75.02/b. Concerns about supply tightness have been heightened by the OPEC+ alliance’s ongoing stalemate over production quotas for August and beyond, while the outlook for demand recovery, especially in Asia, continues to be dampened by COVID-19 resurgences. “Uncertainties surrounding OPEC+ production guidance and the lingering viral concerns are weighing on sentiment,” Margaret Yang, DailyFX Strategist, IG, told S&P Global Platts July 14. The International Energy Agency’s monthly oil […]