USCommodity Brent Oil Fund LP ETF News

As geopolitical tensions rise, supply disruptions continue to push oil prices higher. In the face of surging energy costs, U.S. President Joe Biden on Tuesday announced a ban on Russian oil imports. What To Know: Following Russia''s invasion of Ukraine, the U.S. and its European allies discussed banning Russian oil imports in an attempt to stifle Russia''s main revenue source. On Monday, the U.S. signaled a willingness to stand alone in banning imports, which added fuel to the move in oil prices. Oil has climbed to 13-year highs amid increasing supply uncertainty. WTI crude was nearing $130 Tuesday morning, while Brent crude, the international benchmark, was hovering around $132. Ukrainian leaders have been calling on the West to cut off Russian oil imports since the start of the invasion. What Did The President Say? In an address Tuesday, Biden opened by saying: "Today, I am announcing the United States is targeting the main artery of Russia''s economy. We''re banning all imports of Russian oil and gas and …

WASHINGTON, USA – US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday, March 8, in retaliation for the invasion of Ukraine , underscoring strong bipartisan support for a move that he acknowledged would drive up US energy prices. “We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to [Russian President Vladimir] Putin’s war machine.” Oil prices jumped on the news, with benchmark Brent crude for May climbing by 5.4% to $129.91 a barrel by 1345 GMT. Biden has been working with allies in Europe, who are far more dependent on Russian oil , to isolate Russia’s energy-heavy economy and Putin. Britain announced shortly before Biden’s remarks that it would phase out the import of Russian oil and gas by the end of 2022. Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to “crater.” He said the latest moves had been made in close consultation with allies and partners around the world.

International oil benchmark Brent crude, which briefly topped $139 a barrel in the previous session, was up 6.94% at $131.76 at 10:30 a.m. EST (1530 GMT).

LONDON : Oil prices rose on Tuesday, with Brent surging past $132 a barrel on expectations that the United States and Britain will announce a formal ban on Russian oil imports, stoking supply concerns.Benchmark Brent crude for May had climbed by almost 7per cent to $131.8 a barrel by 1517 GMT. U.S. crude

The crude oil price rally has hit plastic producers’ margins, and some are starting to curb production, Bloomberg has reported. Brent crude briefly topped $130 this month amid the war in Ukraine, with Western sanctions severely reducing international flows of Russian oil. Despite retreating some, the benchmark, along with the rest of the oil benchmarks, are at historic highs, sparking fears of recession and attempts to mitigate the effect of the sanctions on the global economy. As normally happens when oil prices are high, petrochemicals…

Bank of America''s global oil team lifted oil price forecasts across the board, raising 2022 / 23 Brent forecasts to $110 / $95 from $85 / $75, respectively; the long-term price forecast…

"One Of The World''s Largest Energy Supply Shocks Ever" : Goldman Raises Oil Price Target To $135 At a time when banks are rushing to outdo each other who can come up with the highest oil price forecast for 2022 (a welcome change from January when they did the same with the number of forecasted Fed rate hikes, and November when the "winner" was who can come up with the highest S&P price target), a few hours ago Goldman''s commodities team took the lead, writing that as oil prices have surged to their highest level since 2008, "driven by the escalating military conflict in Ukraine and growing realization that imposed sanctions could meaningfully and sustainably reduce Russian exports, even with carve-outs for energy trade" the bank warns that given Russia’s key role in global energy supply, " the global economy could soon be faced with one of the largest energy supply shocks ever." (The full must-read report is available to pro subscribers ). According to Goldman, while the West will want to avoid such an outcome, global isolation could instead drive Russia to reduce its current account surplus and energy exports.

The domestic currency weakened after Brent oil trading near $130/barrel amid FII selling

Brent crude of $120 a barrel, Credit Suisse estimates, could add $60 billion to India''s import bill. Price rises for gas, coal, edible oils and fertilisers could add another $35 billion.

By Sonali Paul and Mohi Narayan NEW DELHI (Reuters) - Oil prices see-sawed on Tuesday with Brent crude futures trading at $125 per barrel, around 10% below a 14-year high struck in the last session,

By Adedapo Adedapo After surging above $130 earlier on Monday, oil prices retreated to $123.6 per barrel as markets panicked over a possible embargo of Russian crude oil, with the price of the United States West Texas Intermediate (WTI) trading at $119.8 per barrel. The United States and its European allies are discussing the possibility […]

Germany, South Korea not in favour of US proposal; nickel, zinc shine

MELBOURNE: Oil prices see-sawed near 14-year highs on Tuesday as the United States considered acting alone to ban Russian oil imports rather than teaming up with allies in Europe, easing concerns of a wider disruption to crude supplies. Brent crude futures were up $1.06, or 0.9%, at $124.27 a barrel at 0223 GMT, after trading as high as $125.19 then dipping to $121.31. US West Texas Intermediate (WTI) crude futures were up 36 cents, or 0.3%, at $119.72 a barrel after also trading in a roughly $4 range. US prepared to move alone in banning Russian oil imports The erratic moves came following a sharp run-up on Monday to near 14-year highs when the Biden Administration said it was talking to Britain, France and Germany about a ban on Russian oil. “The price move up has been far too aggressive in too short a time. The charts are telling us the oil price needs to do some digesting before it can move substantially higher,” said Michael McCarthy, chief strategy officer at Tiger Brokers Australia.

Brent crude futures were up $1.06 at $124.27 a barrel at 0223 GMT, after trading as high as $125.19 then dipping to $121.31

Oil prices see-sawed on Tuesday as the United States considered acting alone to ban Russian oil imports rather than teaming up with allies in Europe, easing concerns of a wider disruption to crude supplies. Brent crude futures were up $1.06, or 0.9%, at $124.27 a barrel at 0223 GMT, after trading as high as $125.19 then dipping to $121.31.