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Crude oil futures dip in Asia after settling at fresh highs

0250 GMT: Crude oil futures slipped during mid-morning trade in Asia June 11 after settling at fresh highs as the OPEC Monthly Report for June reinforced a positive demand outlook for the second half of the year.

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At 10.50 am Singapore time (0250 GMT), the ICE August Brent futures contract was down 57 cents/b (0.79%) from the previous settle at $72/b, while the NYMEX July light sweet crude contract was down 51 cents/b (0.73%) at $69.83/b.

The ICE Brent contract settled at $72.52/b on June 10, the highest in over a year after the front month contract settled at $72.62/b on May 16, 2019. Additionally, the NYMEX light sweet crude contract settled at $70.20/b on June 10, and was last higher at $71.92/b on October 16, 2018, S&P Global Platts data showed.

"The same thing happened yesterday, with oil closing higher on day in the West, but drifting downward in Asian hours," Vandana Hari, CEO of Vanda Insights, told Platts on June 4.

"Oil is mostly being led up by growing demand optimism with regard to the Western hemisphere, as the US has mostly reopened and Europe gradually reopens," she said.

Citing data from Eurocontrol, a European air traffic management organization, analysts at ANZ on June 11 said that jet fuel markets were showing signs of recovery, with flights in Europe rising by 17% in the past two weeks.

"While Asian recovery remains a slight reason for concern, the market is not too worried as governments are adopting a new playbook of rapid responses and ringfencing clusters," Hari said.

In a closely watched monthly report released late June 10, OPEC kept its forecast for oil demand growth unchanged in its latest market analysis amid expectations of the global economy accelerating in the second half of 2021, and pledged to continue monitoring the market to prevent prices from backsliding, Platts reported earlier.

"OPEC painted a positive picture for demand in the second half of the year. It expects demand to jump by 5mb/d as the world emerges from the pandemic," noted ANZ analysts June 11.