UCO

ProShares Ultra Bloomberg Crude Oil

After grappling with weak margins for several quarters, refiners saw their fortunes reverse this year amid tighter fuel supplies.

OPEC’s exports account for nearly 50% of all the world’s crude exports, and the organization and its allies hold almost 80% of the world’s oil reserves.

Benchmark Brent oil prices fell 0.4% to $62.92 per barrel, while WTI crude prices fell 21 cents to $59.12 per barrel, at the time of writing.

Lukoil is looking to offload its international assets after the U.S. imposed sanctions on the Russian firm, as per a Reuters report.

Benchmark Brent oil prices gained 1.8% to $63.50 per barrel, while WTI crude prices rose 1.9% to $59.64 per barrel, at the time of writing.

According to a Reuters report, rather than seeking Lukoil’s entire global asset base, Chevron is considering only the operations that overlap with its existing business.

Brent crude prices rose 1.4% to $63.90 per barrel at the time of writing, while West Texas Intermediate crude prices gained 90 cents, closing in on $60 per barrel.

The anticipated glut would constitute nearly 4% of global demand.

The ETF has declined about 7.6% this year, according to Koyfin data, amid a decline in crude oil prices.