Crude oil futures were lower in mid-morning Asian trade May 9, easing from three-week highs, as cuts to Saudi Arabia’s latest official selling prices as well as hurdles in implementing a European Union-wide Russian oil ban weighed on sentiment.
At 10:43 am Singapore time (0243 GMT), the ICE July Brent futures contract was down 40 cents/b (0.36%) from the previous close at $111.99/b, while the NYMEX June light sweet crude contract fell 51 cents/b (0.46%) at $109.26/b. Saudi Aramco in a May 8 notice lowered almost all of its crude oil OSPs across Asia, Europe and the Mediterranean for June-loading cargoes, in a sign that lockdowns in China and surging fuel prices were beginning to hit demand. “Lockdowns in China have weighed on domestic fuel demand and this is likely to weigh on refinery runs, which in […]