Crude oil prices surge by 4% overnight US crude stocks rise, refined products fall US diesel, gasoline demand surge to historical highs Crude oil futures were lower in mid-morning Asian trade July 8 as investors booked profits after an overnight surge of 4%. US inventory data overnight proved to be a mixed bag with a large build in the US crude stocks in the week to July 1, offset by draws in refined product stocks. At 10:20 am Singapore time (0220 GMT), the ICE September Brent futures contract was down 36 cents/b (0.34%) from the previous close at $104.29/b, while the NYMEX August light sweet crude contract fell 47 cents/b (0.46%) at $102.26/b. Both benchmarks had surged at the close overnight, with the NYMEX crude marker settling higher by 4.3%, likely as a response […]