Oil Updates — Crude climbs; pressure on oil firms to set climate targets

Oil Updates — Crude climbs; pressure on oil firms to set climate targets

RIYADH: Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China’s reopening and oil demand recovery outweighed concerns of a global recession. Brent crude futures rose 80 cents, or 0.95 percent, to $79.79 a barrel by 07.55 a.m. Saudi time, while US West Texas Intermediate crude was at $75.00 a barrel, up 71 cents, or 0.96 percent. On Friday, news outlet Caixin reported that China plans to increase flights with the goal to restore the country’s average daily passenger flight volumes to 70 percent of 2019 levels by Jan. 6. China’s diesel and gasoline exports continued to surge in November to their highest level in over a year as refiners dashed to use up their 2022 export quotas and sell down rising inventory. A fire at an oil and gas condensate Markovskoye field in Russia’s Irkutsk region in Siberia was extinguished, Igor Kobzev, governor of the region said on Monday. Seven people were injured, Kobzev said on the Telegram messaging app. Six were hospitalized, with two in serious condition. “There is no danger to residents,” Kobzev said. The fire broke out Sunday over an area of about 1,000 sq.