Crude oil futures rose during mid-morning trade in Asia Feb. 4, as the US Energy Information Administration reported a draw in crude inventories and as the OPEC+ meeting concluded with a sense of urgency to uphold existing supply curb commitments. At 10:48 am Singapore time (0248GMT), the ICE Brent April contract was up 40 cents/b (0.68%) from the Feb. 3 settle to $58.86/b, while the March NYMEX light sweet crude contract was up 41 cents/b (0.74%) to $56.10/b. The rise in oil futures came on the back of the EIA data released on Feb. 3, which showed a 994,000-barrel draw in US crude inventories in the week ended Jan. 29. Analysts surveyed by S&P Global Platts had expected a 2.4 million-barrel draw. Although the crude draw was slightly below estimates, it still highlights […]