Oil Updates — Crude dips amid high optimism; Russian oil shipped to Asia in Chinese supertankers  

Oil Updates — Crude dips amid high optimism; Russian oil shipped to Asia in Chinese supertankers  

RIYADH: Oil prices dipped in early Asian trade on Monday, but held close to the highest levels since the start of the year on optimism that China’s reopening will lift fuel demand at the world’s top crude importer. Brent crude fell 61 cents, or 0.72 percent, to $84.67 a barrel by 08.15 a.m. Saudi time, while US West Texas Intermediate crude was at $79.34 a barrel, down 52 cents, or 0.65 percent, amid thin trade during a US public holiday. Both contracts rose more than 8 percent last week, the biggest weekly gain since October, after China’s crude imports rose 4 percent year-on-year in December while Lunar New Year travel brightens the outlook for transportation fuels. Climate activists protested in Davos on Sunday against the role of big oil firms at this week’s World Economic Forum, saying they were hijacking the climate debate. Major energy firms including BP, Chevron and Saudi Aramco are among the 1,500 business leaders gathering for the annual meeting in the Swiss resort, where global threats including climate change are on the agenda. “We are demanding concrete and real climate action,” said Nicolas Siegrist, the 26-year-old organizer of the protest who also heads the Young Socialists