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RIYADH: Oil prices edged up on Wednesday ahead of data on US oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China’s top cities relax COVID-19 curbs.

Brent crude futures for August rose 22 cents, or 0.2 percent, to $120.79 a barrel by 0012 GMT after closing at the highest since May 31 on Tuesday.

US West Texas Intermediate crude for July was at $119.65 a barrel, up 24 cents, or 0.2 percent, after reaching its highest settlement since March 8 on Tuesday.

High fuel prices could erode public support for energy transition: Chevron CEO

Europe’s plan to double down on renewable fuels in response to rising fuel costs could have the unintended short-term effect of increasing prices and slowing down the energy transition, Chevron Corp. CEO Michael Wirth said on Tuesday.

“That can erode the public support that will be necessary for the energy transition,” Wirth said. “There is a bit of a paradox that I observe.”

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