Crude oil futures were lower in mid-morning trade in Asia June 29 in a sign that a three-day rally has run out of steam, with latest US consumer confidence data for June falling to the lowest in more than a year. At 10:09 am Singapore time (0209 GMT), the ICE August Brent futures contract was down 98 cents/b (0.83%) from the previous close at $117/b, while the NYMEX August light sweet crude contract was 69 cents/b (0.62%) lower at $111.07/b. Oil prices had surged more than 7% over the previous three sessions as supply disruptions in Libya and Ecuador and a reported lack of spare capacity in the UAE and Saudi Arabia boosted sentiment. Recession fears, however, continued to loom. Data from The Conference Board released June 28 showed US consumer confidence in June fell to the lowest since February 2021, a sign that Americans were growing increasingly pessimistic […]