Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia

Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia

RIYADH: Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe.

Brent crude futures gained 74 cents, or 0.99 percent, to $75.73 a barrel at 11.30 a.m. Saudi time. US West Texas Intermediate crude was at $69.96 a barrel, up 70 cents, or 1.01 percent.

Brent rose 2.8 percent last week, while WTI rebounded 3.8 percent as jitters in the banking sector eased.

Oman is offering three oil and gas concession areas for local and international local companies, a statement from the Ministry of Energy and Minerals said on Sunday.

The offering is open between March 26 and June 25, according to the statement published on Twitter.

China Petroleum & Chemical Corporation, also known as Sinopec, said on Monday it will actively explore opportunities in Saudi Arabia, where the state oil and gas major already owns a refinery stake.

Sinopec President Yu Baocai made the remarks without elaboration during a press briefing after the company announced a 6.9 percent decline in net profit last year.

DNO puts oil in storage after Iraq halts export via Turkiye

Norwegian oil firm DNO has begun storing oil in