Crude oil futures extend gains after overnight jump on EU ban on Russian oil imports

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Crude oil futures continued to climb in mid-morning Asian trade May 31, adding to gains of more than $2/b for ICE Brent crude overnight after the EU reached an agreement to ban Russian oil imports. At 10:48 am Singapore time (0248 GMT), the ICE August Brent futures contract was up $1.07/b (0.91%) from the previous close at $118.67/b, while the…