Crude oil futures were lower during mid-morning trade in Asia Nov. 17, after concerns of tight supply eased amid expectations of increasing US shale activity and reports of the US requesting China to release its oil reserves. At 11:24 am Singapore time (0324 GMT), the ICE January Brent futures contract was down 63 cents/b (0.76%) from the previous close at $81.80/b, while the NYMEX December light sweet crude contract fell by 67 cents/b (0.83%) to $80.09/b. Oil prices slipped as the support from a tight supply outlook eroded slightly following the release of the International Energy Agency’s monthly Oil Market Report late Nov. 16, which highlighted the role that post-hurricane increase in US shale production, spurred by strong oil prices, played in meeting recovering demand. “The world oil market remains tight by all measures, but a reprieve […]