USCommodity 12 Month Oil ETF News

Nations like the US and UK need to keep in with Saudi Arabia, as they turn away from Russian oil.

The Wall Street Journal recently reported that Saudi Arabia is considering accepting the yuan instead of the dollar in Chinese oil sales. According to WSJ, people familiar with the matter said that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan. The sources said it […]

India Business News: India is exploring options for buying Russian crude oil, authorities said Tuesday, with prices there plunging to record lows in the wake of a global

Adjusted for inflation, previous spikes were far higher | Graphic detail

Stocks rallied as oil dropped for a second session while New York manufacturing data came in much weaker than expected, easing fears about more aggressive Federal Reserve tightening that could stifle economic growth.

One of the core staples of the past 40 years, and an anchor propping up the dollar''s reserve status, was a global financial system based on the petrodollar. This was a world in which oil producers would sell their product to the US (and the rest of the world) for dollars, which they would then recycle the proceeds of in dollar-denominated assets and, while investing in dollar-denominated markets, explicitly prop up the USD as the world reserve currency. All of this would support the standing of the US as the world''s undisputed financial superpower.Those…

The Office of the Auditor-General for the Federation has said the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited (NNPC), has failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019. The office made the allegation in its 2019 audit report presently being considered by the Committees on Public Accounts at the Senate and House of Representatives. According to the report, about 22,929.84 litres of Premium Motor Spirit, also known as petrol, valued at N7.06bn and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. Continue reading NNPC Fails To Account For 107 Million Barrels Of Crude Oil at BizWatchNigeria.Ng.

After opening marginally higher, the Indian market was trading flat with negative bias amid falling crude oil price and signs of easing of tensions between Russia and Ukraine. Get more Markets News and Business News on Zee Business.

The partially convertible rupee opened at 76.46 per US dollar as against 76.56 per US dollar at the previous close. So far in the day, the Indian currency moved in a band of 76.4380-76.5800 against the greenback.

Indian shares were marginally lower in choppy trade on Tuesday, as cooling oil and metal prices weighed on energy and steelmaker stocks, with investors'' focus turning towards the upcoming U.S. Federal Reserve meeting.

Shares of ONGC fell over 4 percent while Oil India dropped as much as 3.4 percent after international oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in Covid-19 cases. Nifty Oil & Gas fell over 1 percent with GAIL falling close to 2 percent. BPCL, MGL, Petronet fell between 1-1.25 percent.

Crude oil prices extended their decline and fell to a two-week low early on Tuesday on hopes of peace talks between Russia and Ukraine and driven by expectations of a fall in demand from China as the…

April steel long contracts were down by 2.91 per cent

“Decline in oil prices is a positive and food and are the two big inflation components that are driven by the Russia-Ukraine conflict. One can make distinction between countries that are affected directly and indirectly. There are parts of the world like Europe which imports a lot of energy and wheat etc from Russia and they are directly impacted. The rest of the world is indirectly impacted.”

Oil prices fell more than 5% on Monday to lowest in nearly 2 weeks amid hopes for progress toward a diplomatic end to Russia-Ukraine war, while a Covid-linked travel ban in China cast doubt on demand