Crude oil futures were higher in mid-morning Asian trade on March 21, as the supply outlook remained tight on the back of reduced Russian supplies and a continued recovery in global oil demand from the COVID-19 hit. Falling pandemic cases in China also boosted investor sentiment. At 11:00 am Singapore time (0300 GMT), the ICE May Brent futures contract was up $3.15/b (2.92%) from the previous close at $111.08/b, while the NYMEX April light sweet crude contract rose $3.26/b (3.11%) at $107.96/b. “The market continues to fret about supply disruptions, with data suggesting they are already impacting,” said ANZ Research analysts Brian Martin and Daniel Hynes in a Mar. 21 note. The International Energy Agency late last week warned of a potential global oil supply shock, with an estimated 3 million b/d of Russian oil production likely to […]