RIYADH: Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe.
Brent crude futures gained 74 cents, or 0.99 percent, to $75.73 a barrel at 11.30 a.m. Saudi time. US West Texas Intermediate crude was at $69.96 a barrel, up 70 cents, or 1.01 percent.
Brent rose 2.8 percent last week, while WTI rebounded 3.8 percent as jitters in the banking sector eased.
Oman offers 3 oil and gas concession areas
Oman is offering three oil and gas concession areas for local and international local companies, a statement from the Ministry of Energy and Minerals said on Sunday.
The offering is open between March 26 and June 25, according to the statement published on Twitter.
Sinopec to actively explore opportunities in Saudi Arabia
China Petroleum & Chemical Corporation, also known as Sinopec, said on Monday it will actively explore opportunities in Saudi Arabia, where the state oil and gas major already owns a refinery stake.
Sinopec President Yu Baocai made the remarks without elaboration during a press briefing after the company announced a 6.9 percent decline in net profit last year.
DNO puts oil in storage after Iraq halts export via Turkiye
Norwegian oil firm DNO has begun storing oil in tanks at fields in the semi-autonomous Kurdistan region of northern Iraq after Baghdad ordered a halt to exports via a pipeline to the Turkish port of Ceyhan.
Iraq on Saturday halted crude exports from its northern region after the country won an arbitration case in which it said that Turkiye violated a joint agreement by allowing the Kurdistan Regional Government to export oil to Ceyhan.
A statement from DNO said it began diverting oil production from to storage on Saturday and that the tanks can hold “several days” worth of production.
“DNO notes from public reports that authorities in Ankara, Baghdad and Irbil are in discussion to reach agreements that will allow oil exports to resume,” the Norwegian company said.
Prior to the shutdown the pipeline carried about 400,000 barrels per day of Kurdish oil and another 70,000 bpd of Iraqi oil to global markets, DNO said.
(With input from Reuters)