Gold And Oil Prices Rise Dramatically; Asian Markets Plunge

08 March 2022 Information

Today, the price of oil and gold continued to rise. The price of gold briefly surpassed the two thousand dollars per ounce mark. The ramifications of the Russian-Ukrainian war on the global economy caused a drop in Asian stock exchanges today.

Aluminum and copper prices have reached new highs, with the price of a tonne of aluminum surpassing $4,000 for the first time. According to a local Arabic newspaper, the price of a tonne of copper hit $10,845.

At around 23:00 GMT, the price of Brent North Sea crude oil exceeded $140 per barrel. The price has dropped after hitting a peak of $147.50 in July 2008.

After 06:20 GMT, the price of a barrel of West Texas Intermediate gained 9.04 percent to $126.14, while the price of a barrel of Brent rose 10.12 percent to $130.06.

On Sunday, US Secretary of State Anthony Blinken stated that the US and the European Union were exploring the idea of barring Russian oil imports. The direct restrictions put on Russian oil exports are no longer a non-negotiable issue due to Russia's escalating aggravation of the situation in Ukraine.

The European Union, on the other hand, plans to take a more careful approach, as several European countries, such as Germany, rely substantially on Russian oil and gas.

"If the war does not end, nothing appears on the horizon that will slow the rise in oil prices and a severe depreciation in the Euro," the National Australia Bank said in a statement today. On Monday, Moscow and Kiev will hold their third round of negotiations. However, with the failure of the previous two rounds and the intensity of the Russian offensive, the markets do not expect a favorable outcome.

The Russian army announced today the establishment of multiple humanitarian corridors and plans for a truce in some areas in order to evacuate residents from the Ukrainian cities of Kharkov, Kiev, Mariupol, and Sumy, which are engulfed in violence.

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