Tense times in capital markets as the situation in Ukraine worsens by the day. Investors are caught between the headlines, but the trend continues to be lower as they bailed out of stocks for the fourth consecutive week and look to do so again this week. Crude oil prices spiked again last Friday after the White House said it was considering a ban on imports of Russian crude, and then prices on Sunday spiked $125 per barrel. The U.S. indirectly imports about 11% of its oil from Russia. Commodities from oil and natural gas to zinc, palladium, and wheat all traded wildly higher, sending the Bloomberg Commodities Index to its highest weekly gain since 1970. Gas prices in the U.S. topped $4 per gallon this weekend, the highest level since 2008. Western sanctions against Russia sent the ruble into a nosedive, tumbling 30% to an all time-low versus the dollar. In response, Russia’s central bank more than doubled its key interest rate to 20%, it freed up a local bank reserves to boost liquidity, and it banned Russian residents and companies from transferring foreign currency abroad. The Moscow Stock Exchange was closed all last week to shield stocks from the… Read full this story
- Top Tory breaks ranks to hint the Prime Minister should QUIT after conference speech as ex-ministers plot to remove her
- Celebrity deaths in 2017: Famous faces gone too soon including David Cassidy and Rodney Bewes
- Celebrity deaths in 2017: Famous faces gone too soon including Keith Chegwin and David Cassidy
- Celebrity deaths in 2017: Famous faces gone too soon including Kim Jong-Hyun and Keith Chegwin
Breaking Down the Energy Price Shock and What May Happen Next have 259 words, post on www.investopedia.com at May 5, 2022. This is cached page on wBird. If you want remove this page, please contact us.