Honey prices also soared as Asians regained their footing on Wednesday as investors assessed the impact of the escalating conflict in Ukraine and the new US ban on Russian oil.
The price of a barrel, which rose in January due to supply concerns and the prospect of a stronger global economic recovery, has soared since Russia launched its offensive in Ukraine on February 24.
The oil now doubles as of December.
Threatened by even higher US oil prices, President Joe Biden on Tuesday banned hasty sanctions on Russian oil and other imports in retaliation for Ukraine’s attack, despite strong support from voters. Americans and lawmakers.
The ban lifted US and European sanctions on Moscow for launching the largest war in Europe since World War II.
Russian invasion of Ukraine has killed hundreds of civilians.
Britain has also announced that it will stop importing Russian oil and gas by the end of 2022.
Stephen Innes, managing director at SPI Asset Management said, “The need for natural gas is growing, not a single stop and the potential of the market to hit $ 150 before a $ 100 easy return for investors are breaking. “
“Putting unrestricted restrictions on developers provides high-risk Brent crude importers.”
In morning trading in Asia, the global Brent crude index traded at $ 130.31 per barrel, up 1.82% on the day but was still at the highest level of $ 139.13 touched on Monday.
The US West Texas Intermediate crude reached 1.41% at $ 125.45 per barrel.
Russia has called its actions “extraordinary,” and said earlier this week that prices could reach $ 300 a barrel and that it could shut down gas pipelines in Germany if the West blocked its oil exports.
In the stock market, MSCI’s wide index of Asia-Pacific shares outside Japan is up 0.80%, while Australia’s weighted ASX 200 stock rose 1.14%.
China’s blue CSI 300 index is up 0.47%, pulling back from a strong profit earlier when new growth data showed a combination of soft housing demand and high commodity prices.
In Tokyo, the Nikkei rose 1.1%.
The gains showed a change after three sessions of sharp losses caused the MSCI index to fall more than 6% at its lowest level since late September.
They followed another red day on Wall Street, with the Dow Jones Industrial Average falling 0.56%, the S&P 500 losing 0.72% and the Nasdaq Composite falling 0.28%.
“Markets remain volatile, unable to confidently pay dividends from the news given the complex state of the global economy,” said Rodrigo Catril, chief FX strategist at National Australia Bank.
As equities took a breath of fresh air, the dollar rose 0.2% against the yen to 115.89, then dropped 0.12% against the peer-to-peer basket at 98.997.
The euro was 0.15% higher at $ 1.0915 and the last ruble quoted at 122.5 on the greenback.
U.S. stocks fell, with benchmark 10-year benchmarks gaining 1.8577%, down 1.871% late Tuesday.
The last 2 year notes bring in 1.6129%, down to 1.629%.
Gold prices fell from a record high, while spot gold fell 0.66% to $ 2,038.95 per ounce.
Crude Rises on Russia’s Oil Ban in US, Asian Stability – SABC News
Source link Crude Rises on Russia’s Oil Ban in US, Asian Stability – SABC News