On Tuesday, United States President Joe Biden announced an immediate ban on Russian oil and other energy imports. Remarkably, it is a significant escalation in the international response to Moscow’s invasion of Ukraine. The decision came after the strong support of American voters and lawmakers, targeting the main artery of the Russian economy. Specifically, the …
On Tuesday, Gold extended its most significant weekly advance since July 2020 as the United States eyed a potential ban on Russian oil. Futures tied to the yellow metal were steady at $2,009.00 per ounce. They increased 0.70% or 14.20 points in the current trading session. At the same time, spot gold edged up 0.39% …
On Monday, US gasoline prices at the pump skyrocketed to their highest since 2008 amid the escalating Russia-Ukrainconflictct. The American Automobile Association (AAA) reported that the average regular-grade gasoline posted at $4.07 per gallon. Subsequently, gasoline price provider GasBuddy mentioned that the average price of US gas spiked by nearly $0.41 per gallon. It stands …
US Gas Prices Skyrocketed on Russia-Ukraine Conflict Read More »
On Friday, oil prices remained elevated as fears of a disruption in Russian oil exports outweighed the potential revival of an Iranian nuclear deal. Accordingly, the Brent crude futures edged up 1.80% or 2.00 points to $112.54 per barrel. Then, the contracts linked to West Texas Intermediate increased 2.48%, or 2.67 points, to $110.28 per …
Oil Jumps as Ukraine Conflict Offsets Iran Supply Hopes Read More »
On Thursday, metal prices extended their rally as global stockpiles remained low amid Russia’s increasing economic isolation. Accordingly, aluminum prices significantly hiked 4.60%, or 160.00 points, to a high of $3,638.00 per tonne. Then, US copper futures rose 1.90% or 0.08 points to $4.76 per pound, hovering around a record territory. Similarly, contracts linked to …
Metal Prices Extend Surge on Low Global Stockpiles Read More »
On Wednesday, Crude oil prices extended their rally as supply disruption concerns increased following severe sanctions on key exporter Russia. The Brent crude futures surged 5.60% or 5.94 points to $110.91 per barrel. The international benchmark rose as much as $113.02, the highest since 2014. Similarly, contracts in West Texas Intermediate (WTI) crude hiked 5.50% …
Crude oil rallies as Russian supply concerns rise Read More »
On Tuesday, Gold futures increased as traders digested the impact of sanctions imposed by Western countries against Russia. The safe-haven yellow metal edged up 0.94% or 17.80 points to $1,918.55. It reversed its loss of 0.60% to $1,900.70 during the previous session. Then, the Spot Gold increased 0.67% or 12.69 points to $1,921.86. It followed …
Gold ticks up as Russia sanctions unnerve markets Read More »
On Monday, oil prices surged as the West levied more sanctions on Russia, igniting fears of severe disruption to its oil exports. Brent crude, the international oil benchmark, hiked 5.38% or 5.04 points to $99.16 per barrel. It slightly eased from a high of $105.07 in the early trade. Similarly, the US West Texas Intermediate …
Oil prices surge on mounting sanctions on Russia Read More »
On Thursday morning, Russia attacked Ukraine, sending shockwaves through financial markets and ratcheting up fears about the ramifications for gas supplies around the globe. The situation in the country is changing rapidly and specific reports from Ukraine are difficult to confirm. Unsurprisingly, European gas prices jumped on the news of the invasion. Meanwhile, international benchmark …
The euro zone’s largest economy can guarantee the security of supply even without Russian gas or oil. Germany’s Economy Minister Robert Habeck stated that Germany will have to buy more gas, as well as coal, from other countries. He also noted that Germany was too dependent on Russian oil and gas. Currently, the country gets …
How Germany Plans to Replace Russian Oil and Gas Read More »
The price of gold fell on Wednesday morning in Asia, as Treasury yields rose following U.S. and European Sanctions on the Russian Federation offset safe-haven demand. Gold futures dropped 0.30% to $1,901.65 by 10:38 PM ET (3:38 AM GMT). The U.S. dollar, which typically moves inversely to gold, rose on Wednesday morning. On Tuesday, U.S. …
Oil reached its highest level since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Russia ordered troops into two breakaway regions in Eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel. The United States, as well as its European allies, are expected to announce new sanctions …
Oil Jumped to its Highest Point in Several Years Read More »
Libya was a major oil-producing country before the civil war. In recent years, the country started struggling to support its oil industry. Before the civil war, daily output was 1.6 million barrels per day; nevertheless, Libya’s production failed to return to this level, according to shipbroker Gibson’s latest weekly report. Gibson’s report contains many interesting …
The price of yellow metal declined on Friday morning in Asia. Gold fell after breaking above the key $1,900 level for the second consecutive session in a row, with a Russia-U.S. meeting in the following week slowing investors’ dash toward safe-haven assets. Gold futures dropped 0.52% to $1,892.15 by 11:34 PM ET (4:34 AM GMT) …
Energies have had a rough day, with WTI and Brent crude trading down 0.7% and 0.6%, respectively. That’s following an over 2% drop for each during the same day, amassing significant losses for some traders. As it seems, the primary weight pushing down energy security is the looming threat of global conflict. As you can …
Oil Recovers Slightly Despite Potential Conflict Read More »
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