RIYADH: Oil prices climbed on Thursday after the International Energy Agency, or IEA, said markets could lose three million barrels per day of Russian crude and refined products from April. The supply loss would be far greater than an expected one million bpd per day drop in demand triggered by higher fuel prices, the IEA said in a report on Wednesday. Benchmark Brent crude futures gained $1.8, or 1.9 percent, to $99.86 a barrel by 0408 GMT, after falling for three consecutive trading sessions. US West Texas Intermediate crude was up $1.6, or 1.7 percent, to $96.67 a barrel. Both contracts settled lower the previous day, following an unexpected jump in US crude stockpiles and signs of progress in Russia-Ukraine peace talks. Belgium poised to delay 2025 nuclear power exit Belgium may extend the life of its nuclear sector, deferring an exit planned for 2025 after the Russian invasion of Ukraine forced a rethink by the governing coalition. Energy minister Tinne Van der Straeten presented a note to core cabinet members on Wednesday, which broadcaster RTBF said referred to a bill to be approved by the end of March extending the lives of the two newest reactors by up to 10 years. An energy ministry spokesperson said on Thursday that Van der Straeten had spelt out options in her note and that no decision was imminent. India to import 15 million barrels of cheap Russian oil Meanwhile, a Business Standard report suggests that India is all set to import 15 million barrels of Russian oil. Earlier, it has been reported that the Indian Oil Corporation had bought 3 million barrels of Russian Urals from trader Vitol for May delivery. Ukraine-Russia peace talks; Wheat falls, corn, soybean rise US wheat futures extended losses in early trade on Thursday, hit by hopes of a resumption in supplies from the Black Sea region as talks between Ukraine and Russia progressed, while corn and soybean rose on strong demand in the physical market. The most-active wheat contract on the Chicago Board of Trade was down 1.15 percent at $10.57 a bushel, as of 0232 GMT, after falling by the daily limit of 85 cents in the previous session. Corn rose 0.75 percent to $7.35-1/2 a bushel, while soybeans rose 0.47 percent to $16.57 a bushel. Gold gains as Fed hikes rates as expected Gold prices gained on Thursday as the US Federal Reserve raised interest rate as expected, with investors focusing on the Russia-Ukraine peace talks. Spot gold rose 0.4 percent to $1,935.89 per ounce by 0436 GMT after touching its lowest since Feb. 28 at $1,894.70 on Wednesday. US gold futures also rose 1.5 percent to $1,937.40. Climate change initiative: Swiss Re cuts fossil fuel cover for oil, gas Swiss Re, the world’s second-biggest reinsurer, said it would increase the number of oil and gas producers for which it refuses coverage, following mounting pressure on big business to help the drive to curb a global temperature rise. In its annual sustainability report on Thursday, Swiss Re said from July 2023, it would no longer provide individual insurance to oil and gas companies responsible for the world’s most carbon-intensive 10 percent of production. In 2021, it had eliminated 5 percent of the world’s most polluting oil and gas companies, based on their carbon intensity, a measure of emissions per barrel of oil or unit of natural gas produced. Although that leaves 90 percent covered, the shift is an important signal from “one of the world’s ultimate risk managers,” Peter Bosshard, global coordinator of NGO Insure Our Future, said. “Oil and gas operations need to be phased out in accordance with climate science or they may become uninsurable by the end of the decade,” he said. Chinese oil demand lower than previous expectations Meanwhile, a research report published by Kamco Invest suggests that the growth in oil demand from China this year is expected to be lower than previous expectations due to the recent announcement of lockdowns led by rising COVID-19 cases. China"s third-biggest contributing region to gross domestic product, Shenzhen, is under lockdown which could affect demand for transportation fuel including diesel and gasoline as well as recovery in jet fuel requirements, the report noted. (With inputs from Reuters)