Crude oil futures continue to consolidate amid seasonal product demand growth

Crude oil futures continued to consolidate higher in mid-afternoon Asian trade Aug. 4 after a multiday selloff amid seasonal demand growth in the transport and aviation sectors, shrugging off the Bank of England’s interest rate hike to a level not seen since 2008. At 2:48 pm Singapore time (0648 GMT), the ICE October Brent futures contract was up 71 cents/b…