Crude oil futures were higher in mid-morning trade in Asia Tuesday as bargain hunters emerged following the selloff on Monday, but market drivers remain bearish for both demand and supply. At 10:00 am Singapore time (0200 GMT), ICE Brent May crude futures were up 56 cents/b (1.86%) from Monday’s settle at $30.61/b, while the NYMEX April light sweet crude contract was 99 cents/b (3.45%) higher at $29.69/b. “Presumably, the market is getting supported by physical bargain hunters… the bounce in Asia could also be due to the front running of a possible China stimulus,” AxiCorp’s chief market strategist Stephen Innes said in a note Tuesday. However, the potential for supply to increase and demand to decline further are likely to cap further recovery, market sources said. “On top of simultaneous supply and […]