Uscommodity Brent Oil Fund Lp Etf ETF News

According to RAC Fuel Watch, petrol has climbed to an average of 155.62p a litre, while diesel is averaging 161.28p per litre, both of which are record highs. These price increases have come as a result of the jump in value of brent oil, which peaked at $130 a barrel on the weekend, due to […] How to save money on fuel: Six tips to cut petrol and diesel costs

The war in Ukraine is keeping oil markets on edge as talks on an Iranian nuclear deal stall. By Elizabeth Low and Alex LongleyBloomberg Published On 11 Mar 202211 Mar 2022 Brent crude fluctuated at the end of a volatile week as Russia’s war in Ukraine kept markets on edge and talks on an Iranian nuclear …

The war in Ukraine is keeping oil markets on edge as talks on an Iranian nuclear deal stall.

The recent surge in the prices of diesel in Nigeria, Africa’s largest economy, has led to a fresh spike in food prices, dashing hopes of returning to a more stable market condition. The price of Automotive Gas Oil, popularly known as diesel, has soared by almost 170 percent in one year to N620-650 per litre from N220-N240 in March last year. The surge in the price of diesel, which has been deregulated, followed the rally in global oil prices, buoyed by the Russia-Ukraine crisis. Brent, the global oil benchmark, sold for $113 per barrel at the time of writing this report. “Diesel prices are surging and with this, we are going to see another fresh spike in food prices,” said Victor Iyama, national president of the Federation of Agricultural Commodity Association of Nigeria (FACAN). “Just in the last two weeks, we paid N350, 000 to transport our commodities from Kano to Lagos, and yesterday we had to pay N550,000 for the same truck and distance because of the surge in diesel price,” he said. “We have no choice but to transfer the extra cost to the consumers,” he added.

RIYADH: A drone attack claimed by Houthis on a Saudi oil refinery caused a fire but did not disrupt supplies, officials said Friday, as oil prices soar after Russia’s invasion of Ukraine. Friday’s pre-dawn attack was claimed by the Houthis and follows a series of similar assaults on Saudi facilities by the rebels, who are fighting a Saudi-led coalition. “The Riyadh oil refinery was attacked by a drone, resulting in a small fire that has been brought under control,” the energy ministry said, according to the official Saudi Press Agency. “The attack did not result in any injury or death, nor was the supply of oil or its derivatives affected,” it added, calling it an act of “sabotage and terrorism” but without directly blaming the rebels. Shrapnel injures 12 at Saudi Abha airport as drone intercepted The Houthis said they fired three drones at the Aramco refinery and six more at the oil giant’s facilities in the southwestern cities of Jizan and Abha “and other sensitive locations”. The Saudis did not report any other attacks.

Brent typically trades at a premium to Dubai, but recently the difference has been wider and more volatile than normal

Brent crude futures climbed $2.86 to $112.19 a barrel by 1016 GMT, while U.S. West Texas Intermediate crude futures were up $2.71 to $108.73

Brent Oil has fallen below $110 after pushing just shy of $140 at the beginning of the week. Strategists at Commerzbank have revised up their forecast

Brent oil has swung by the most on record in two of the four trading sessions this week

SINGAPORE: Brent oil may consolidate in a narrow range of $106.14-$116.26 per barrel for one or two days before falling again. The bounce from the March 9 low of $105.60 roughly defined the consolidation range. The consolidation may consist of three waves. So far, only two have completed. The wave c is unfolding towards $116.26. Due to the completion of a five-wave cycle from $65.72, oil may eventually fall to $93.76, the 61.8% retracement of the cycle. A break below $106.14 could confirm the continuation of the downtrend towards this level, while a break above $116.26 could lead to a gain into $119.96-$123.65 range. On the daily chart, a five-wave cycle from $15.98 may have completed, as strongly suggested by the deep drop from the March 7 high of $139.13. A retracement analysis on the downtrend from the 2008 high of $147.50 to $15.98 reveals a break below a support at $116.46. The break opened the way towards $97.26. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Brent crude futures inched up 11 cents to $109.44 a barrel at 0149 GMT after dropping 1.6% in the previous session.

Brent futures fell $1.81, or 1.6%, to settle at $109.33 a barrel after gaining as much as 6.5% earlier in the session.

Brent crude futures inched up 11 cents to $109.44 a barrel at 0149 GMT after dropping 1.6% in the previous session. U.S. West Texas Intermediate (WTI) crude futures climbed 46 cents, or 0.4%, to $106.48 a barrel, following a 2.5% decline on Thursday.

Since Russia''s Feb. 24 invasion of Ukraine, oil markets have been the most volatile in two years. On Wednesday, global benchmark Brent crude posted its biggest daily decline since April, 2020. Two days earlier, it hit a 14-year high at over $139 a barrel.

DUBAI, United Arab Emirates – Confusing messages from No. 3 OPEC producer the United Arab Emirates about whether it supported higher output or not stoked volatility in the oil market as consuming nations sought extra crude on Thursday, March 10, to replace dwindling Russian supplies . The UAE’s ambassador to Washington, Yousuf Al Otaiba, said on Wednesday, March 9, in a statement posted by the embassy on Twitter that Abu Dhabi favored an increase in oil production and would encourage OPEC to consider higher output. But a UAE source familiar with the matter told Reuters on Thursday the Gulf state would not act on its own to raise production and remained committed to OPEC+ policy . OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia, and their allies, has a deal to gradually raise output each month by 400,000 barrels per day. The group has refused act more quickly even as prices have rocketed higher because of Russia’s invasion of Ukraine . The UAE ambassador’s comment had suggested a shift in position, driving down Brent crude sharply and ended Wednesday 13% lower at $111.14 a barrel , the biggest one-day fall since the early days of the COVID-19 pandemic in 2020.