Oil prices plunged over 17% on Wednesday after the United Arab Emirates said the OPEC member would support boosting supply into a market in disarray because of supply disruptions caused by sanctions imposed on Russia after it invaded Ukraine.
Global oil prices fell on Wednesday by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week as investors digested the news of Russian oil import bans.
Global stock markets rallied in Europe and North America on Wednesday after three straight days of selling, and oil prices retreated from the peaks scaled over the last week as investors digested the news of Russian oil import bans.
China's factory inflation in February eased to the slowest annual pace in eight months, but analysts expect a pick-up in the coming months from surging prices of global commodities including oil, challenging policy-making to support the economy.
The euro took a breather on Wednesday ahead of this week's central bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in energy, grains and metals could end up crimping demand in the long run.
Wild swings in the prices of oil, metals and other raw materials generated more margin calls at trading firms on Tuesday, heightening worries that the volatility in commodities could spill over into broader markets as the war in Ukraine escalates.
U.S. officials have demanded Venezuela supply at least a portion of oil exports to the United States as part of any agreement to ease oil trading sanctions on the OPEC member nation, two people close to the matter said.
Middle Eastern and Chinese sovereign wealth funds are likely to avoid new deals in Russia for now after its invasion of Ukraine, said the author of a report published on Wednesday that showed record investment last year by funds around the world.
Japan's economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday, as the pickup seen in consumer and business spending was weaker than first reported.
Plummeting stocks, soaring commodity prices and tightening global financial conditions following Russia's invasion of Ukraine are clouding the outlook for markets already unsettled by the prospect of a hawkish Federal Reserve.
Refining profits, or margins, from turning crude oil into products such as gasoline and diesel are ballooning, and could surge further after the United States, the world's top oil consumer, on Tuesday banned all Russian oil imports in retaliation of Moscow's invasion of Ukraine.
The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.
The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.
Gold on Tuesday extended its blistering rally towards an all-time high as investors made a beeline for the traditional safe haven on mounting fears about the Ukraine crisis and the impact of a possible ban on Russian oil by the United States and Britain.
Britain will phase out imports of Russian oil and oil products by the end of 2022 and consider banning its natural gas, joining other countries, including the United States, in a move to punish Moscow over the invasion of Ukraine.
Already struggling with rising living costs, Europeans now face an even deeper hit to their livelihoods as the conflict in Ukraine pushes fuel and food prices higher and threatens to undermine a fragile economic recovery.
Palladium hovered marginally below an all-time peak in volatile trading on Tuesday as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal, while safe-haven gold remained unperturbed above the key $2,000 level and gained further.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will drive up U.S.
Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine.
Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine.
The U.S. trade deficit widened to a record high in January as businesses imported more goods to rebuild inventories, potentially setting up trade to remain a drag on economic growth in the first quarter.
One-year U.S. inflation expectations have rocketed higher since Russia's invasion of Ukraine and the longer-term outlook has begun increasing as well, a development likely to be watched closely by the Federal Reserve as it battles to keep price pressures under control.
U.S. stocks rose in volatile trading on Tuesday, with investors evaluating fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.
The S&P 500 was little changed in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.
With crude oil surging past $125 a barrel, oil company executives called on Tuesday for more favorable global government energy policy to help the industry resolve the supply crisis that has deepened since Russia's invasion of Ukraine.
Palladium attempted to consolidate off an all-time peak in volatile trading on Tuesday as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal, while safe-haven gold also powered past the key $2,000 level.
European shares slipped on Tuesday, as the United States banned Russian oil imports, raising volatility and fears of global stagflation, and offsetting a recovery in financial stocks.
Shares in German utility Uniper gave up earlier gains to close flat after the group signalled an exit from Russia and wrote down its exposure to the Nord Stream 2 pipeline, key areas of investor concern since Moscow's invasion of Ukraine.
Global share markets slid lower on Tuesday as oil remained near record highs after the United States banned Russian oil and other energy imports, stoking volatility and concerns about inflation.
