Libya on verge of declaring force majeure, adding to Ecuador woes UAE at maximum output, Saudi has only 150,000 b/d spare capacity: Macron Crude oil futures were higher in mid-morning trade in Asia June 28, extending gains for a third day as supply disruptions overshadowed fears of a global recession, while OPEC spare capacity was reported to be much lesser than expected. At 11:08 am Singapore time (0308 GMT), the ICE August Brent futures contract was up $1.55/b (1.35%) from the previous close at $116.64/b, while the NYMEX August light sweet crude contract rose $1.35/b (1.23%) at $110.92/b. Supply disruptions and a perceived lack of spare capacity has overshadowed fears of a recession this week. Both crude oil benchmarks were on track to gain for a third day, with the ICE Brent crude marker […]