Highlights Tight physical supply supports prices despite recession fears ICE Brent prompt backwardation widens further Southeast Asian crudes trade at record premiums Crude oil futures were higher in mid-morning Asian trade July 26, extending strong overnight gains, as a still tight physical supply picture gained the upper hand over recession fears for the moment. At 10:07 am Singapore time (0207 GMT), the ICE September Brent futures contract was up $1.07/b (1.02%) from the previous close at $106.22/b, while the NYMEX September light sweet crude contract was 78 cents/b (0.81%) higher at $97.48/b. Oil prices endured a volatile ride in the previous session July 25 as persistent recession fears tussled with a still tight physical market, as evidenced by a wide backwardation in prompt time spreads. The front-month ICE Brent crude contract had fallen by more […]