The price of oil jumped more than $10 a barrel and Asian markets were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for...
TOKYO — The price of oil jumped more than $10 a barrel and Asian markets were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
Brent crude oil BRNK22 surged over $10 early Monday. Benchmark U.S. crude CLJ22 was up nearly $9 at more than $124 a barrel. “The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week,” said Yeap Jun Rong, market strategist at IG in Singapore.
Oil prices came under additional pressure after Libya’s national oil company said an armed group had shut down two crucial oil fields. The move caused the country’s daily oil output to drop by 330,000. Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation.
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