Crude oil futures extend steep declines as risk-off sentiment hits markets

Crude oil futures were sharply lower in mid-morning Asian trade May 10, extending steep overnight declines, as recession fears, hurdles to an European Union-ban on Russian oil and the ongoing spread of COVID-19 in China saw sell-offs across the financial markets. At 10:22 am Singapore time (0222 GMT), the ICE July Brent futures contract was down $1.30/b (1.23%) from the…