Highlights US pump prices fall below $4/gal for first time since early March ‘Substantial’ gas-to-oil switching in Europe amid gas crunch: IEA Crude oil futures were lower in mid-morning Asian trade Aug. 12 amid mild profit-taking, though they remained on track for a strong weekly finish as fears of demand destruction eased with oil prices down more than 20% from their June highs. At 10:26 am Singapore time (0226 GMT), the ICE October Brent futures contract was down 64 cents/b (0.64%) from the previous close at $98.96/b, while the NYMEX September light sweet crude contract was 64 cents/b (0.68%) lower at $93.70/b. The malaise in oil markets in recent weeks appeared to be turning a corner, with analysts saying that demand was on the mend and confidence in the US economy recovering after a more […]