Crude resumes climb amid ongoing supply concerns Recessionary fears, lack of Russian oil ban from EU cap upside Oil prices to trade rangebound in the near term: analysts Crude oil futures were higher in mid-morning Asian trade May 25 as supply issues continued to prop up the market. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:20 am Singapore time (0220 GMT), the ICE July Brent futures contract was up $1.14/b (1%) from the previous close at $114.70/b, while the NYMEX July light sweet crude contract rose $1.16/b (1.06%) to $110.93/b. Concerns about lack of supply continued to dog oil markets despite signs that an EU-wide deal to ban Russian oil imports looked increasingly unlikely. European Commission president Ursula von der Leyen said May 24 she did not expect a deal to be reached at the European Council summit taking place over May 30-31, […]