Crude oil futures were steady to lower in mid-morning trade in Asia Tuesday as ample supply countered concerns over unrest in key Middle Eastern producer nations Libya and Iraq. At 11:48 am Singapore time (0348 GMT), March ICE Brent crude futures were down 31 cents/b (0.48%) from Monday’s settle at $64.89/b, while the NYMEX February light sweet crude contract was 18 cents/b (0.31%) lower at $58.36/b. Earlier concerns over supply disruptions that saw both markers rise on Monday were offset Tuesday by indications of ample inventory. “Oil traders were quick to sidestep the Middle East supply disruption and refocus on the bearish oversupplied market conditions after the International Energy Agency just last week projected a ‘solid base’ of oil inventories,” AxiCorp chief Asia market strategist Stephen Innes said in a note Tuesday. “At the same time, the […]