Crude oil futures were higher in mid-morning Asian trade Aug. 4, rebounding from five-month lows after bearish US oil data and supply increases from OPEC+ sent oil prices plummeting to levels not seen since before the Russia-Ukraine war broke out. At 11:00 am Singapore time (0300 GMT), the ICE October Brent futures contract was up 39 cents/b (0.4%) from the previous close at $97.17/b, while the NYMEX September light sweet crude contract rose 46 cents/b (0.51%) at $91.12/b. Oil prices plummeted by close to 4% overnight after US Energy Information Administration data Aug. 3 showed demand weakening sharply in the US, with implied gasoline demand plunging 7% in the week ended July 29 to 8.54 million b/d. This left it nearly 11% behind the five-year average for this time of year. US gasoline stocks rose by 160,000 barrels to 225.29 million barrels over the same period, the EIA said, […]