RIYADH: Oil prices rebounded on Wednesday from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in US crude inventories last week.

Brent crude futures rose 98 cents, or 0.9 percent, to $108.23 a barrel by 0400 GMT while the front-month WTI crude futures contract, which expires on Wednesday, rose 94 cents, or 0.9 percent, to $103.50 a barrel. The second-month contract gained $1.07 to $103.12 a barrel.

Both benchmarks fell 5.2 percent in volatile trading on Tuesday after the International Monetary Fund on Tuesday slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia’s war in Ukraine, and warned that inflation was now a “clear and present danger” for many countries.

Carbon capture market to be at $4 trillion in 2050

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Exxon Mobil Corp. estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday.

That is about 60 percent of the $6.5 trillion market that the US largest crude producer estimates for oil and gas by then.

Carbon capture is an important emissions reduction technology, according to the International Energy Agency. It involves the capture of CO2 from fuel combustion or industrial processes, transporting it via ship or pipeline, to be stored underground in geological formations or used as a resource to create products.

Large oil companies have been investing to make carbon capture and storage a relevant business as international bodies such as Intergovernmental Panel on Climate Change, or IPCC, point out the technology as key to mitigating the effects of global warming.

Exxon is under public pressure to reduce its total emissions as its energy transition strategy does not include renewable sources of energy like solar and wind. It has recently hired Dan Ammann, who led the Cruise self-driving unit of General Motors Co. until December, to lead its Low Carbon business starting on May 1.

Greece impounds Russian tanker

The seized Russian-flagged oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. (Reuters)

Meanwhile, Greece has impounded a Russian oil tanker off the island of Evia, the Greek coast guard said on Tuesday, as part of EU sanctions imposed on Moscow over its invasion of Ukraine.

Earlier this month, the EU banned Russian-flagged vessels from the 27-nation bloc’s ports, with some exemptions, as it adopted new sweeping sanctions against Russia for what the Kremlin describes as a “special military operation.”

The 115,500-deadweight tonnage Russian-flagged Pegas, with 19 Russian crew members on board, was seized near Karystos on the southern coast of Evia, which lies just off the Greek mainland near Athens.

The Russian embassy in Athens, the Greek capital, said on Twitter it was looking into the case and was in contact with Greek authorities.

“It has been seized as part of EU sanctions,” a Greek shipping ministry official said.

A US State Department spokesperson said the United States welcomed Greece’s efforts to implement the sanctions “initiated in response to Russia’s brutal, unprovoked invasion of Ukraine.”

(With inputs from Reuters)