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Crude oil price surges 5% overnight after flows of Russian gas to Europe fall

Crude oil prices surged 5 percent overnight after falling almost 11 percent in the previous two sessions.

By Manisha Gupta May 12, 2022 8:59:02 AM IST (Published)

Crude oil prices surged 5 percent overnight after falling almost 11 percent in the previous two sessions. With COVID-19 cases in China on a decline, European Union still working on an embargo on Russian oil and Russia itself sanctioning 31 companies in countries that have imposed sanctions on Russia, a premium building is seen in crude oil prices.

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It is slightly off after yesterday’s gain, but still on the higher side of the range.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.