Invesco Db Oil Fund ETF News

European stocks slid and oil flirted with $120 per barrel Thursday as conflict raged in Ukraine.

By Kate Abnett BRUSSELS (Reuters) – Sanctions imposed by the European Union on Russia over its invasion of Ukraine would gradually hit Moscow’s income from oil, despite not targeting Russian oil and gas exports directly, the EU’s energy policy chief said on Thursday.

The Indian rupee closed a touch lower, pressured by surging oil prices, likely to widen the current account deficit and push inflation further up.

The past few days have seen the fastest rise in oil prices in more than a decade. If crude hits $119 a barrel, it would be a bad sign for the economy.

Conflict is fuelling a dash for commodities that could be in short supply, while equities fall victim to inflation and growth fears

By Verner Ayukegba, Senior Vice-President of the African Energy Chamber. Over the course of 2022-2023 Angola aims to consolidate its post COVID-19 economic recovery agenda on the back of stronger oil and gas prices. Given the landmark USD$100 per barrel price threshold being exceeded, analysts are projecting an upbeat economic outlook for the country with […] This post first appeared on African Business

PETROL companies have been accused of profiteering as the soaring cost of oil pushed prices at the pumps to new highs for February.

KUALA LUMPUR, March 3 ― The ringgit rebounded from yesterday’s losses to end marginally higher against the US dollar today, boosted by buying demand and continued rally in crude oil prices, a dealer said. At 6pm, the local note stood at…

U.S. stock futures took a step back Thursday with little immediate sign that Russia will halt its invasion of Ukraine that has sent commodity prices spiking…

Joe Biden , Vladimir Putin. Alex Brandon/AP Photo; Sergei Karpukhin\TASS via Getty Images Oil prices soared toward $120 a barrel Thursday after Joe Biden hinted he''s open to…

Residents of Zamfara State have lamented the resultant effects of the hike in fuel price, saying that the situation has seriously affected the cost of living in the state. According to some residents interviewed by DAILY POST in Gusau, the state capital, fuel scarcity has led to an increase in the cost of transportation and foodstuffs. One of the residents, Alhaji Usman Abubakar, said he deals in planks and wood and cannot work without fuel because of the heavy machines being used for his job. He explained that the increase in prices of petroleum products has forced many business people to increase the prices of their products. “One cannot buy fuel at a higher price and come back to retain their prices, prices of items must be increased also because fuel is the engine room of every economic sector. Even now we are still operating on huge loss,” he said. Another businessman, Mr Ejike Okafor, noted that with the unnecessary increase in the prices of petroleum products, almost all the economic sectors have been seriously affected.

The Nigerian National Petroleum Company (NNPC) Limited has explained why the over 40 licensed modular refineries in the country are not producing Premium Motor Spirit, popularly called petrol. Nigeria has a number of modular refineries in Edo, Delta, Imo and other states, while plans are on to increase the number through private sector investments. However, according to NNPC, the modular refineries are avoiding petrol because of the regulated pump price. READ ALSO : Fuel scarcity worsens in Lagos, product now sells for N250 to N500 per litre This was disclosed by Mustapha Yakubu, Group Executive Director, Refining, and NNPC on Wednesday at the Nigeria International Energy Summit 2022. A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refineries. They are crude oil processing facilities with capacities of up to 30,000 barrels per day. He said, “Some modular refineries should take up to 50,000 barrels per day, but because of financing you can start with 10,000 barrels and then scale up gradually to 50,000 barrels. “What do you need to do to produce PMS?

Insurers have $111bn in oil and gas, as commodity touches $115 per barrel

The surging prices mean household energy bills are expected to rise further than previously estimated.

The average cost of a litre of petrol at UK forecourts was 152.20p on Wednesday as the cost of oil continues to rise due to the war in Ukraine.