Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 

Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 

RIYADH: Oil slipped on Thursday on worries about rising US crude inventories and concerns about more rate hikes in Europe potentially hitting growth, paring this week’s gains on signs of a strong economic rebound in China.

Brent crude futures fell 13 cents, or 0.15 percent, to $84.18 a barrel at 10.40 a.m. Saudi time, while US West Texas Intermediate crude futures were down 17 cents, or 0.2 percent, at $77.52 a barrel.

Both contracts rose about 1 percent in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound in the world’s second-largest economy after the removal of strict COVID-19 curbs.

Oman to offer offshore oil and gas concessions this year

Oman is in the preparation process to offer a new batch of oil and gas concession areas by the end of the first quarter of 2023, the country’s energy ministry said in a tweet on Thursday.

While the first batch will target onshore blocks, the Gulf-state will also offer offshore oil and gas blocks by the end of the second quarter of 2023, the ministry added.

Global energy-related CO2 emissions edged up to record high in