Crude oil futures inch higher in rangebound trade amid US GDP contraction

Crude oil futures were higher in mid-morning Asian trade July 29, though it remains trapped in a well-worn range, as investors continued to weigh signs of macroeconomic weakness against a tight physical market. At 10:28 am Singapore time (0228 GMT), the ICE October Brent futures contract was up 48 cents/b (0.47%) from the previous close at $102.31/b, while the NYMEX…