The Fort Worth Press - Oil tops $113, equities sink on Ukraine war fears

USD -
AED 3.673025
AFN 70.797452
ALL 93.724474
AMD 387.967047
ANG 1.801862
AOA 855.501128
ARS 903.228898
AUD 1.51676
AWG 1.8
AZN 1.69623
BAM 1.82576
BBD 2.018717
BDT 117.482322
BGN 1.82612
BHD 0.376895
BIF 2873.439287
BMD 1
BND 1.35275
BOB 6.908913
BRL 5.399936
BSD 0.99979
BTN 83.513734
BWP 13.565777
BYN 3.271955
BYR 19600
BZD 2.015263
CAD 1.37465
CDF 2844.999821
CHF 0.892498
CLF 0.033583
CLP 926.649958
CNY 7.256105
CNH 7.27022
COP 4138.57
CRC 525.379822
CUC 1
CUP 26.5
CVE 102.933557
CZK 23.056297
DJF 178.011155
DKK 6.96443
DOP 59.240589
DZD 134.820562
EGP 47.713497
ERN 15
ETB 57.662863
EUR 0.93352
FJD 2.24275
FKP 0.784602
GBP 0.78952
GEL 2.870336
GGP 0.784602
GHS 14.9951
GIP 0.784602
GMD 67.74981
GNF 8606.968657
GTQ 7.768676
GYD 209.147337
HKD 7.81059
HNL 24.716563
HRK 7.018438
HTG 132.623865
HUF 369.880392
IDR 16458.85
ILS 3.727055
IMP 0.784602
INR 83.5395
IQD 1309.715513
IRR 42099.999742
ISK 139.570415
JEP 0.784602
JMD 155.774931
JOD 0.708896
JPY 157.860128
KES 129.480258
KGS 87.859902
KHR 4117.715699
KMF 457.50218
KPW 900.000131
KRW 1382.239784
KWD 0.30675
KYD 0.833158
KZT 453.602184
LAK 21901.094541
LBP 89536.371911
LKR 303.717706
LRD 193.964853
LSL 18.219515
LTL 2.952741
LVL 0.60489
LYD 4.847721
MAD 9.990712
MDL 17.851525
MGA 4480.851362
MKD 57.458548
MMK 2093.698478
MNT 3450.000098
MOP 8.042003
MRU 39.372681
MUR 47.109917
MVR 15.410175
MWK 1733.062615
MXN 18.53975
MYR 4.719505
MZN 63.694956
NAD 18.219515
NGN 1483.040261
NIO 36.798992
NOK 10.72277
NPR 133.621788
NZD 1.636135
OMR 0.384943
PAB 0.99979
PEN 3.770636
PGK 3.844197
PHP 58.654048
PKR 278.494714
PLN 4.070191
PYG 7529.697309
QAR 3.646573
RON 4.645804
RSD 109.278026
RUB 88.798745
RWF 1306.575816
SAR 3.75203
SBD 8.4616
SCR 14.133804
SDG 585.999745
SEK 10.542304
SGD 1.353355
SHP 1.26345
SLE 22.847303
SLL 20969.501917
SOS 571.4019
SRD 31.571995
STD 20697.981008
SVC 8.747929
SYP 2512.530426
SZL 18.212794
THB 36.786498
TJS 10.761656
TMT 3.5
TND 3.126607
TOP 2.360898
TRY 32.855725
TTD 6.795024
TWD 32.377497
TZS 2623.013999
UAH 40.641789
UGX 3704.170459
UYU 39.291465
UZS 12624.798712
VEF 3622552.534434
VES 36.365932
VND 25455
VUV 118.721975
WST 2.800615
XAF 612.342878
XAG 0.034189
XAU 0.000431
XCD 2.70255
XDR 0.758757
XOF 612.342878
XPF 111.330486
YER 250.293986
ZAR 18.29115
ZMK 9001.202255
ZMW 25.819972
ZWL 321.999592
  • RYCEF

    -0.1700

    5.81

    -2.93%

  • CMSC

    0.0400

    24.54

    +0.16%

  • NGG

    0.4000

    56.55

    +0.71%

  • RIO

    -0.4100

    66.51

    -0.62%

  • BTI

    0.0300

    30.63

    +0.1%

  • RBGPF

    0.0000

    56.5

    0%

  • RELX

    -0.4300

    45.22

    -0.95%

  • AZN

    0.0600

    79.59

    +0.08%

  • VOD

    -0.0100

    8.74

    -0.11%

  • GSK

    -0.4600

    40.65

    -1.13%

  • SCS

    0.0700

    12.4

    +0.56%

  • CMSD

    -0.1000

    24.36

    -0.41%

  • BCC

    -3.9000

    126.6

    -3.08%

  • BCE

    -0.3754

    32.88

    -1.14%

  • BP

    -0.3000

    34.89

    -0.86%

  • JRI

    -0.0865

    11.89

    -0.73%

Oil tops $113, equities sink on Ukraine war fears
Oil tops $113, equities sink on Ukraine war fears

Oil tops $113, equities sink on Ukraine war fears

Crude surged past $113 a barrel Wednesday and equities sank with investors growing increasingly fearful about the Ukraine war's impact on global energy supplies and the economic recovery.

Text size:

Russian President Vladimir Putin's invasion of his neighbour has sent world markets into a spiral over the past week, further fraying nerves on trading floors caused by runaway inflation and tighter central bank monetary policies.

The crisis has seen numerous countries hammer Moscow with a series of wide-ranging sanctions that have isolated Russia and threaten to crash its economy.

The measures have injected a huge amount of uncertainty into markets with supplies of crucial commodities including metals and grains soaring. The price of global staple wheat is sitting at a 14-year high -- having risen 30 percent in the past month.

But the main source of unease on trading floors is crude, which has rocketed since Russia began preparing to invade. On Wednesday Brent topped $110 for the first time since 2014 and WTI followed suit hours later to hit a 2013 high.

In afternoon Asian trade, Brent rose as high as $113.02 and WTI peaked at $111.50.

Incoming sanctions have fuelled worries that exports will be cut off from Russia, the world's third-biggest producer of the commodity.

The conflict in eastern Europe comes with prices already elevated owing to tight supplies and a strong recovery in global demand as economies reopen from pandemic-induced lockdowns.

Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.

In his State of the Union address, President Joe Biden said the United States would join a 30-country deal to release 60 million barrels to help temper the surge in prices, though analysts have warned such moves would likely only have a limited impact.

The oil price surge has compounded fears about inflation as it sits at a 40-year high in the United States and hurts Americans in the pocket even as the economy rebounds from the pandemic shock.

However, the Ukraine crisis has given the Fed another headache as it is forced to rethink its plans to hike interest rates to get consumer prices under control.

It had been widely expected to lift this month and then up to seven times more before the end of the year, but commentators say it will likely tone down its hawkishness for fear of damaging the recovery.

"The supply chain issues and inflationary pressures will be top of mind for many investors globally," Andy McCormick at T. Rowe Price said.

"These things will almost certainly complicate the already difficult task that central banks were facing trying to battle inflation."

And Uma Pattarkine, of CenterSquare Investment Management, told Bloomberg Television: "The market was looking at anywhere up to seven rate hikes this year -- I think it will be closer to maybe the three or four we were anticipating at the very beginning of this conversation."

Fed boss Jerome Powell's two days of congressional testimony will be closely watched this week for an idea about the bank's thinking.

Wall Street and European markets tumbled Tuesday and the losses largely flowed through to Asia, which had enjoyed two days of relative calm though the selling was not as severe.

Tokyo, Hong Kong, Mumbai and Manila lost more than one percent, while there were also losses in Shanghai, Singapore, Taipei, Jakarta, Bangkok and Wellington. However, Sydney and Seoul eked out marginal gains.

Paris and Frankfurt opened lower but London edged up.

- Key figures around 0820 GMT -

Brent North Sea crude: UP 7.3 percent at $112.64 per barrel

West Texas Intermediate: UP 7.3 percent at $110.99 per barrel

Tokyo - Nikkei 225: DOWN 1.7 percent at 26,393.03 (close)

Hong Kong - Hang Seng Index: DOWN 1.8 percent at 22,343.92 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,484.19 (close)

London - FTSE 100: UP 0.7 percent at 7,379.85

Euro/dollar: DOWN at $1.1093 from $1.1126 late Tuesday

Pound/dollar: DOWN at $1.3292 from $1.3326

Euro/pound: UP at 83.46 pence from 83.46 pence

Dollar/yen: UP at 115.22 yen from 114.90 yen

New York - Dow: DOWN 1.8 percent 33,294.95 (close)

C.Rojas--TFWP