Oil Updates — Crude slips; BP says Ukraine war will accelerate transition to clean energy 

Oil Updates — Crude slips; BP says Ukraine war will accelerate transition to clean energy 

RIYADH: Oil prices edged lower on Monday, even as Beijing pledged over the weekend to promote a consumption recovery that would support fuel demand. Brent crude futures fell 31 cents, or 0.36 percent, to $86.35 a barrel at 08.20 a.m. Saudi time, while US West Texas Intermediate crude was at $79.45 a barrel, down 23 cents, or 0.29 percent. On Saturday, China’s cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported. Russia’s war in Ukraine is expected to weigh on long-term energy demand and accelerate the world’s shift to renewables and low-carbon power as countries boost domestic energy supplies, oil giant BP said in its latest report. In its benchmark 2023 Energy Outlook, BP said the Ukraine war will slow global economic activity by 2035 by around 3 percent compared with last year’s forecast due to higher food and energy prices as well as reduced trade activity. BP lowered its oil and gas demand forecast in 2035 by 5 percent and 6 percent, respectively, under its central forecast scenario that is based on governments’ current energy transition plans. The changes are focused mostly in Europe and Asia