RIYADH: Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply.
Brent crude futures were up 19 cents, or 0.2 percent, at $119.70 barrel at 0050 GMT.
US West Texas Intermediate crude futures were up 25 cents, or 0.2 percent, at $118.75 a barrel. The benchmark hit a three-month high of $120.99 on Monday.
Exxon says it has safely contained fire at Fawley refinery unit
Exxon Mobil Corp. has safely contained a fire at one of the units at its 270,000 barrel-per-day Fawley oil refinery in Britain, the oil major said in a statement on Tuesday.
“We may continue to use our flare in order to safely manage ongoing operations,” Exxon said, without specifying the unit involved.
Impact Oil & Gas prepares to sell stake in Namibian offshore block
Impact Oil & Gas is considering selling its 20 percent stake in a large block in deep water off the coast of Namibia where TotalEnergies made a significant oil discovery this year, four industry sources told Reuters.
Impact, which is privately owned and focused on exploration in Africa, has hired investment bank Jefferies to prepare a sale process for its stake in Block 2913B, which is estimated to be worth $500 million to $1 billion, the sources said.
TotalEnergies, which operates the field, said in February it made the discovery in the Venus-X1 well, the second offshore find this year in the southern African country which hopes to become the continent’s newest oil producer.
Impact Oil & Gas, whose investors include Toronto-listed Africa Oil and South Africa-based Hosken Consolidated Investments, declined to comment.
“We are currently looking forward to participating in the Venus appraisal program later this year,” a company spokesperson said in a statement.
(With input from Reuters)
