The financial markets are shaken

By: Miguel A. Rodriguez

15:58, 16 March 2022

Oil prices have jumped to the highest level since July 2008 after the US was discussing a potential ban on Russian supplies with other countries

Energy markets have been shaken in recent days over supply fears are driven by the Russian invasion of Ukraine, with consumers already feeling the impact of higher energy costs. According to the US House of Representatives Speaker Nancy    Pelosi, the chamber was “exploring” legislation to ban the import of Russian oil. Later this week, Congress intends to enact $10 billion of aid for Ukraine in response to Russia’s military invasion.

Brent crude – the global oil benchmark – soared to above $139 a barrel before easing to around $130 on Friday. Its price rose by more than 20% last week. At the moment of writing, it was trading at $125.51 per barrel.

The US is expected to pressure Saudi Arabia to increase crude oil production this week.

Asia and Europe

The news about the oil prices jump came after Japan225 closed down by almost 3%, and HongKong45 traded 3.6% lower. Moreover, one of the most sought-after commodities – Gold – hit $2,000 per ounce for the first time in almost 18 months. At the moment of writing, it was trading at $1,976 per ounce.

In Europe, Germany30 is off 1%, while France40 is trading 0.8% lower. According to Refinitiv data, Russia’s currency is down around 8% at 131 to the dollar.


Share this article

The information presented herein is prepared by and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.                                                                                                                            Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience, or current financial situation.Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.