Oil Updates — Crude dips on dampening demand outlook; Somalia rejects Genel Energy’s claim to oil permits

Oil Updates — Crude dips on dampening demand outlook; Somalia rejects Genel Energy’s claim to oil permits

RIYADH: Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell 43 cents, or 0.52 percent, to $82.83 a barrel by 10.15 a.m. Saudi time, while US crude fell 77 cents, or 0.98 percent, to $78.19 a barrel. The scale of the latest outbreak and doubts over official data prompted some countries to enact new travel rules on Chinese visitors, even as China began easing the world’s strictest COVID regime of lockdowns and testing. US oil major Exxon Mobil Corp is suing the EU in a bid to force it to scrap the new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have boosted inflation around the world and led to fresh calls to further tax the sector. The windfall profits tax is “counter-productive,” discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday. Exxon will factor in the tax as it considers future multibillion-euro investments in Europe’s energy supply and transition, he said. “Whether we invest