RIYADH: Oil prices rose on Thursday, clawing back some of the previous day’s losses, supported by fuel demand data from the US, the world’s top oil consumer.
Brent crude rose 74 cents, or 0.97 percent, to $77.15 a barrel at 1:00 p.m. Saudi time, while US crude futures gained 65 cents, up 0.90 percent, to $73.21.
A sharper-than-expected drop in US gasoline inventories boosted prices, reflecting stronger demand for transport fuels.
US gasoline inventories fell by 3.2 million barrels last week, more than the 1.2 million barrels draw forecast by analysts, data from the US Energy Information Administration showed.
Distillate stocks also declined while US jet fuel demand rose to its highest since December 2019.
BNP Paribas will no longer finance development of new oil and gas fields
BNP Paribas, France’s largest lender, will no longer provide any financing dedicated to the development of new oil and gas fields, the bank said on Thursday, as it reiterated its target of an 80 percent cut of its oil exploration financing by 2030.
Although European banks have been tightening their lending criteria for fossil fuels as part of pledges to cut financed carbon emissions to zero by 2050, environmental groups and some activist investors have been urging them to go faster.
The new commitments, coming days ahead of BNP’s annual shareholder meeting, also included a complete phasing out of all financing to non-diversified oil companies.
“BNP Paribas no longer provides dedicated financing for the development of new oil and gas fields, regardless of the financing terms,” the bank said in a statement.
BNP Paribas had already announced plans in January to cut oil exploration financing by 80 percent by 2030, and on Thursday it confirmed it was on track with its climate change targets for the power generation, oil and gas and automotive sectors.
Iraq and Iran sign MoU to invest in joint oil fields
Iraq and Iran have signed a memorandum of understanding to invest in joint oil fields located on the border of the two countries.
The deal will also see both countries cooperating in the fields of crude oil extraction and refining.
The MoU was signed by Iraqi Oil Minister Hayan Abdel-Ghani and his Iranian counterpart Javad Owji.
According to the deal, both countries will also work toward strengthening cooperation in the field of petrochemical industries and in training and qualifying cadres working in the oil and gas sectors.
(With input from Reuters)
