Crude oil futures were higher in mid-morning trade in Asia Wednesday on the back of a larger-than-expected drop in US oil inventories reported by an industry group. At 10:55 am Singapore time (0255 GMT), front-month ICE Brent September futures were up 66 cents/b (1.02%) from Tuesday’s close at $64.82/b, while the NYMEX August light sweet crude futures contract was 85 cents/b (1.47%) higher at $58.67/b. “Big crude draw should set the stage for a rebound,” said Phil Flynn of the Price Futures Group in a note to clients, citing the 8.129 million-barrel draw in US crude inventories in the week to July 5 reported by the American Petroleum Institute overnight. The broader market would be looking for confirmation of the draw in official data due for release by the US Energy Information Administration later Wednesday. ICE Brent […]