NEW YORK, March 8 — Oil and other commodities prices soared while global shares tanked yesterday as the United States said it was willing to ban Russian oil imports, stoking investor fears over inflation and slowing economic growth. Brent, the international benchmark, briefly hit more than US$139...
NEW YORK, March 8 — Oil and other commodities prices soared while global shares tanked yesterday as the United States said it was willing to ban Russian oil imports, stoking investor fears over inflation and slowing economic growth.a barrel, its highest level since 2008. Nickel prices rocketed 90 per cent, gold broke through US$2,000 an ounce and wheat jumped to a 14-year high, as industrial buyers and traders scrambled amid supply disruptions linked to Russia’s invasion of Ukraine.
Wall Street’s main indexes fell sharply, with the Nasdaq Composite confirming it was in a bear market, and the pan-European STOXX 600 index cut losses of around 3 per cent to close at a near one-year low. “The crippling effect of oil prices above US$130 would send many European economies into a recession,” and that scenario caused European stocks to move into bear market territory, said Edward Moya, senior analyst at OANDA.The Dow Jones Industrial Average fell 797.42 points, or 2.37 per cent, the S&P 500 lost 127.79 points, or 2.95 per cent and the Nasdaq Composite dropped 482.48 points, or 3.62 per cent.Brent LCOc1 crude futures settled up 4.3 per cent at US$123.21 a barrel.
Nickel prices, which reached US$55,000 a tonne earlier in the trading session, last traded up 76 per cent at US$50,925 a tonne. “Policy makers will need to safeguard the smooth transmission of monetary policy whilst also shoring up their inflation credentials at a time of surging inflation pressures and growing evidence of second round effects,” Robinson wrote.
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