Crude declines; BP announces that Ukraine conflict will hasten switch to sustainable energy
(MENAFN) Even though Beijing promised over the weekend to encourage a consumption rebound that would help gasoline demand, oil costs continued to decline on Monday.
At 08.20 a.m. Saudi Arabian time, Brent oil futures were down 31 cents, or 0.36 percent, to USD86.35 per barrel, while United States West Texas Intermediate crude was down 23 cents, or 0.29 percent, to USD79.45 per barrel.
In line with official broadcaster CCTV, China's cabinet announced on Saturday that it is going to encourage a rebound in consumer spending as the main engine of the economy and increase imports.
Based on the newest research from oil giant BP, Russia's war in Ukraine is projected to have an impact on long-term energy demand and speed up the transition to renewable and low-carbon energy throughout the world as countries increase domestic energy sources.
According to BP's standard 2023 Energy Outlook, the conflict in Ukraine would cause an increase in food and energy costs as well as a decline in trade activity that is going to cause a 3 percent slowdown in global economic growth by 2035 compared to the previous year's prediction.
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