RIYADH: Oil prices rose on Thursday, recovering from early losses, on hopes that the planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.
Brent crude futures for July were up $1.53, or 1.4 percent, at $110.64 a barrel at 0447 GMT, after falling by more than $1 earlier in the session.
US West Texas Intermediate crude futures for June rose 93 cents, or 0.8 percent, to $110.52 a barrel, recovering from an early loss of more than $2.
Russian firms, entities halt publishing data amid sanctions
Oil pipeline monopoly Transneft has joined other Russian entities in curbing access to trade and financial data, sources told Reuters.
In the wake of Western sanctions imposed on Russia after it sent troops into Ukraine, the central bank said it would allow companies to withhold financial results.
Russian authorities are also allowing companies and banks to conceal information on securities issued and on their contractors.
Apart from Transneft, other companies that have stopped publishing data include Aeroflot, Alrosa, Gazprom, and Lukoil.
Reinsurer SCOR tightens oil sector cover over carbon emissions
SCOR, the world’s fourth-biggest reinsurer, said on Wednesday it would stop covering new oil field production projects from 2023 unless the company involved had an acceptable plan to reach net-zero emissions by mid-century.
The move is the latest by a leading insurer to impose tighter policy conditions on coverage for the oil and gas sector, the main driver of man-made greenhouse gas emissions, as scientists warn faster action is needed on climate change.
It also follows an International Energy Agency report last year which said expansion of the oil and gas industry needed to cease if the world wanted to cap global warming at 1.5 degrees Celsius above the pre-industrial average.
SCOR said in a statement accompanying results of the French company’s annual general meeting that it aimed to double the amount of insurance coverage for low-carbon energies by 2025.
“SCOR believes that reaching net-zero can only be achieved by combining climate mitigation and climate adaptation measures, supported by strong engagement with clients and partners, and an active approach to transition,” it said.
(With input from Reuters)