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Thursday, May 26, 2022

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Oil rose to more than $100/barrel, first time since 2014 as Russia storms Ukraine

Global stocks slumped on the Asian markets on Thursday. The dollar, gold and oil prices jumped, and U.S. Treasury yields fell amid growing fears of a full-scale Russian invasion of Ukraine.

As one of the worst post-Cold War security crises in Europe for decades worsened, oil prices gained more than $1 on Thursday morning as Russia’s invasion of Ukraine began.

Brent crude rose almost 4 dollars, or 3.93 percent, to $107.57 a barrel after soaring as high as $98.08.

U.S. West Texas Intermediate (WTI) crude futures also jumped 85 cents, or 0.9 percent, to $92.95 a barrel, after rising to as much as $93.50.

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Russia is the world’s second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing about 35 percent of its supply.

Overnight, U.S. stocks took a beating, with the Dow Jones Industrial Average down 1.38 percent to barely above the level that would have confirmed a correction. The MSCI World Index , a leading gauge of equity markets globally, skidded to its lowest level since April 2021.

In Asia on Thursday, the selloff showed no signs of abating.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.6% in morning trade, with Australian shares at one point diving nearly 3 percent. In Tokyo, the Nikkei was 1.1 percent lower. Chinese blue chips fell 0.6 percent.

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