Crude oil futures extend gains after $2/b jump overnight as supply remains tight

Crude oil futures were higher in mid-morning Asian trade July 26, extending strong overnight gains, as a still tight physical supply picture gained the upper hand over recession fears for the moment. At 10:07 am Singapore time (0207 GMT), the ICE September Brent futures contract was up $1.07/b (1.02%) from the previous close at $106.22/b, while the NYMEX September light…