Ahmed Mukhtar Naqshbandi
ISLAMABAD/RIYADH: Crude oil prices rebounded on Wednesday in the international market as demand recovery hopes in China provided support after prices dropped during the last session on concerns about international economic growth.
According to the Arab News, Brent crude futures gained 26 cents, or 0.30%, to $86.39 per barrel at 08.00 a.m. Saudi time after falling 2.3% in the previous session.
US West Texas Intermediate crude futures rose 20 cents, or 0.25 percent, to $80.33 per barrel, having dropped 1.8 percent on Tuesday.
United States crude inventories up 3.4 million barrels last week: API
Meanwhile, American Petroleum Institute reported that US crude inventories rose by 3.378 million barrels during the week ended Jan. 20.
The crude build happened as refiners slowed down the output of fuel products amid an unseasonably warm winter.
The inventory report by API suggested a 0.620-million-barrel rise in gasoline stocks for last week and a 1.929-million-barrel deficit in distillate stockpiles.
BNP Paribas to slash oil lending by 80% by 2030, fund renewables
French bank Brain natriuretic peptide (BNP) Paribas on Tuesday pledged to cut the money, outstanding with the oil extraction and production industries, to less than one billion euros by 2030, an 80 percent decline from the current balance of five billion euros.
The lender said that it stopped financing oil projects back in 2016, but Tuesday’s commitment will accelerate the pace at which it reduces unique financing oil extraction and production as part of its efforts to curb carbon emissions and meet climate goals.
