SINGAPORE- Middle East crude benchmark Dubai extended losses for a fifth session on Tuesday to hit the lowest since May amid muted trade as most end users have completed their purchases.
A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.
More producers and refiners are looking at ways to offset carbon emissions of their crude oil exports to meet future global demand for low-carbon raw materials, although such trades will require time to develop as it remains unclear which parties will bear the decarbonisation costs, industry executives said.
As a severe power crunch roils China's northeastern industrial heartland, senior officials face mounting pressure from alarmed citizens to ramp up coal imports thick and fast in order to keep lights on, factories open and even water supplies flowing.
Britain put the army on standby to deliver fuel from Tuesday after an acute shortage of truckers triggered panic buying that left fuel pumps dry across the land and raised fears that hospitals would be left without doctors and nurses.
(Reporting by Florence Tan; Editing by Shailesh Kuber) ((Florence.Tan@thomsonreuters.com; Reuters Messaging: firstname.lastname@example.org))
((RECENT CRUDE OIL TRADES: Asia ACRU/T Euro