Crude oil futures extend gains after overnight surge on EU ban on Russian oil

Crude oil futures were higher in mid-morning Asian trade May 5, extending strong gains from the overnight session as sentiment remained bullish after the EU said that a ban on Russian oil will be phased in by year-end. At 10:42 am Singapore time (0242 GMT), the ICE July Brent futures contract was up 17 cents/b (0.15%) from the previous close…