- US intention to put an embargo on oil imports shakes the market.
- Barrel prices rise 10% before moderating the advance.
Oil prices have cut part of the advance of the Asian session when they reached new highs in 14 years after the weekly opening, after the possibility of an embargo on Russian energy exports, by the US and his allies. The rises reached almost 10% and have now moderated to 6%.
The WTI barrel price reached $124.95 and is trading at $120.50, prior to the opening of Wall Street. Brent barrel trades at $123.40, after approaching $130 hours ago.
The US announced that it is in active talks to ban imports of Russian oil. This is giving oil prices a new boost. In Ukraine the war continues.
The markets are affected by what is happening with the prices of energy raw materials. Wall Street futures fall more than 1.50% due to the continuity of the conflict and the escalations.
The economic data are in the background. The key this week could be the US inflation, although considering the rise in raw materials these days, the data may be “old”.
Technical levels
Source: Fx Street
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