South Korean refiners imported 7.407 million barrels of US crude in May, compared with 11.516 million barrels a year earlier,

China plans to increase the share of renewables (including hydro) in the power mix to 28.2% in 2020.

Amid a drop in demand and oil prices, in the first quarter the value of Saudi Arabia’s oil exports plunged by 21.9% year on year to $40 billion, corresponding to a decline of about $11 billion,

The mid-cap FTSE 250 shed 0.9%, tracking a slide in global equity markets

The NSE Nifty 50 index rose 0.1% to 10,320 and the benchmark S&P BSE Sensex was also up 0.1% at 34,924.05

Brent slipped 47 cents, or 1.1%, to $42.16 a barrel, WTI fell 59 cents, or 1.5%, to $39.78 a barrel.

Energy transition investment can boost the economy over the 2021-23 recovery phase and create a wide range of jobs.

A mild winter and COVID-19 mitigation efforts have led to declining global natural gas demand and high natural gas storage inventories in Europe and Asia, reducing the need for LNG imports.

All that and softness in the dollar, along with endless cheap liquidity from central banks, helped spot gold gain 0.2% to $1,770.92 per ounce after touching $1,773, its highest level since October 2012 in early Asian trade.

China plans to increase the share of renewables (including hydro) in the power mix to 28.2% in 2020 and the share of renewables (excluding hydro) is expected to reach 10.8%.

Brent rose 49 cents, or 1.1%, to $43.57 a barrel, WTI was up 48 cents, or 1.2%, at $41.21 a barrel

Spot gold was up 0.1% at $1,756.40 per ounce

The Ecological Goal of the Energy Transition is to reduce global greenhouse gas emissions and prevent the most serious effects of climate change. Replacing energy Fossil Fuel Systems (FFS) with Renewable Energy Systems (RES) is a way to achieve the Ecological Goal.

MSCI’s broadest index of Asia Pacific shares outside of Japan rose 0.6% to 516.6 points after earlier going as low as 509.9. Chinese shares regained lost ground too, with the blue-chip index last up 0.3%.

Brent rose 10 cents, or 0.2%, to $42.29 a barrel, WTI was at $39.87 a barrel, up 4 cents, or 0.1%.