Berliner Boersenzeitung - Oil extends rally on Russia embargo talk, stocks rise

EUR -
AED 4.293297
AFN 80.91457
ALL 97.787182
AMD 448.803483
ANG 2.092137
AOA 1072.008381
ARS 1473.86814
AUD 1.776114
AWG 2.107191
AZN 1.992006
BAM 1.954944
BBD 2.359867
BDT 142.117771
BGN 1.952273
BHD 0.440607
BIF 3482.375178
BMD 1.169038
BND 1.495545
BOB 8.093456
BRL 6.502078
BSD 1.168788
BTN 100.194128
BWP 15.604167
BYN 3.824825
BYR 22913.14706
BZD 2.347672
CAD 1.601407
CDF 3373.844424
CHF 0.929041
CLF 0.028934
CLP 1110.323824
CNY 8.380309
CNH 8.386416
COP 4691.84559
CRC 589.441902
CUC 1.169038
CUP 30.97951
CVE 110.21674
CZK 24.665189
DJF 208.128867
DKK 7.461795
DOP 70.379183
DZD 151.703785
EGP 57.855667
ERN 17.535572
ETB 161.021794
FJD 2.621276
FKP 0.865796
GBP 0.864385
GEL 3.16855
GGP 0.865796
GHS 12.154678
GIP 0.865796
GMD 83.590727
GNF 10140.559771
GTQ 8.978069
GYD 244.522931
HKD 9.177043
HNL 30.573613
HRK 7.533988
HTG 153.40283
HUF 399.5543
IDR 18972.787189
ILS 3.894359
IMP 0.865796
INR 100.329778
IQD 1531.029611
IRR 49231.122092
ISK 142.400984
JEP 0.865796
JMD 186.898163
JOD 0.828894
JPY 172.3338
KES 151.00388
KGS 102.232832
KHR 4685.948172
KMF 492.340851
KPW 1052.116012
KRW 1612.291055
KWD 0.357481
KYD 0.973974
KZT 610.66261
LAK 25187.970987
LBP 104720.046415
LKR 351.4761
LRD 234.337391
LSL 20.841074
LTL 3.451866
LVL 0.70714
LYD 6.314235
MAD 10.527091
MDL 19.787336
MGA 5177.732835
MKD 61.50307
MMK 2454.245682
MNT 4196.950222
MOP 9.450262
MRU 46.492642
MUR 53.144915
MVR 18.007558
MWK 2026.612611
MXN 21.79128
MYR 4.971339
MZN 74.772119
NAD 20.841074
NGN 1786.89858
NIO 43.011167
NOK 11.849024
NPR 160.310805
NZD 1.945964
OMR 0.4495
PAB 1.168788
PEN 4.144385
PGK 4.831884
PHP 66.037214
PKR 332.363469
PLN 4.266132
PYG 9058.033774
QAR 4.260834
RON 5.081579
RSD 117.098726
RUB 91.210062
RWF 1688.860502
SAR 4.385691
SBD 9.733981
SCR 16.479975
SDG 702.011685
SEK 11.179213
SGD 1.497075
SHP 0.91868
SLE 26.307644
SLL 24514.149043
SOS 667.907544
SRD 43.49699
STD 24196.728708
SVC 10.226522
SYP 15199.796755
SZL 20.847871
THB 37.929486
TJS 11.295954
TMT 4.103324
TND 3.419503
TOP 2.738009
TRY 46.965814
TTD 7.940523
TWD 34.1849
TZS 3029.973271
UAH 48.831018
UGX 4189.165697
USD 1.169038
UYU 47.259307
UZS 14766.534203
VES 133.584256
VND 30528.845862
VUV 139.77719
WST 3.204584
XAF 655.669903
XAG 0.030416
XAU 0.000348
XCD 3.159384
XDR 0.815443
XOF 655.669903
XPF 119.331742
YER 282.732293
ZAR 20.980552
ZMK 10522.750076
ZMW 27.056153
ZWL 376.429796
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Oil extends rally on Russia embargo talk, stocks rise
Oil extends rally on Russia embargo talk, stocks rise

Oil extends rally on Russia embargo talk, stocks rise

Oil prices extended their rally Tuesday on supply worries as European leaders debated banning imports from Russia, though equities stood their ground despite a tepid Wall Street lead and the prospect of a sharper hike in US interest rates.

Text size:

Both main crude contracts started the week by soaring more than seven percent Monday as EU nations discussed following Washington and putting an embargo on Russian energy imports for its war in Ukraine.

Some members are pushing to ramp up pressure on Vladimir Putin with more sanctions over his invasion, though others including Germany -- which still relies on Moscow's fuel -- have been reluctant to target the key sectors.

Adding to upward pressure on oil was a warning from Saudi Arabia that Yemeni rebel attacks on its oil facilities pose a "direct threat" to global supplies, after Red Sea facilities belonging to oil giant Saudi Aramco were targeted.

The surge in oil prices has been a key driver of turmoil on world markets in recent weeks as demand surges owing to economic reopenings just as supplies are strained.

That, along with a spike in the cost of other key commodities such as metals and wheat caused by the war, has sent inflation rocketing and caused a headache for central banks already trying to wind down pandemic-era monetary policy.

"It seems energy traders are growing more confident that supply shortages are just around the corner," warned OANDA's Edward Moya.

"China's decision to avoid broad lockdowns is also helping oil prices as the short-term crude demand hit should be temporary. The oil rollercoaster ride remains a geopolitical trade and right now it seems the risks are growing and that could push crude prices higher."

There is a growing fear that the global economy could endure a period of stagflation in which prices soar by growth stalls.

And the Fed chair Jerome Powell on Monday indicated the bank could hike rates at a faster rate to keep a leash on inflation, less than a week after it announced what is expected to be a number of increases this year.

"I sense that the Fed might well deliver 50 basis point hikes in both May and June as policymakers recognise it will be tough to get inflation down without higher unemployment," said SPI Asset Management's Stephen Innes.

"So as long as multiple 50 point hikes remain on the... agenda, stock markets could remain nervous."

And Moya added that traders were recognising that rates were likely to shoot up quicker than they had expected, which "could eventually lead to a taper tantrum which might happen alongside stagflation".

"Monetary policy is still accommodative for now, but that could quickly change if the Fed delivers a couple supersized rate hikes by the summer."

Still, while Wall Street ended on a negative, equities remained resilient in Asia.

Hong Kong was back on the rise after last week's blockbuster surge as Chinese authorities reiterated a pledge to support markets and the stuttering economy.

Tokyo returned from a long weekend to pile on more than one percent, helped by a drop in the yen to a new six-year low against the dollar, which helps exporters.

Shanghai, Sydney, Seoul, Manila, Jakarta and Wellington also rose, though Singapore and Taipei struggled.

China Eastern Airlines sank six percent in Shanghai and four percent in Hong Kong after one of its jets crashed in China carrying 132 people, having dropped more than 20,000 feet in just over a minute.

- Key figures around 0230 GMT -

Brent North Sea crude: UP 2.8 percent at $118.84 per barrel

West Texas Intermediate: UP 2.4 percent at $114.81 per barrel

Tokyo - Nikkei 225: UP 1.6 percent at 27,242.88 (break)

Hong Kong - Hang Seng Index: UP 0.8 percent at 21,390.52

Shanghai - Composite: UP 0.1 percent at 3,256.03

Euro/dollar: DOWN at $1.0994 from $1.1013 Monday

Pound/dollar: DOWN at $1.3144 from $1.3156

Euro/pound: DOWN at 83.65 pence from 83.67 pence

Dollar/yen: UP at 119.88 yen from 119.47 yen

New York - DOW: DOWN 0.6 percent at 34,552.99 (close)

London - FTSE 100: UP 0.5 percent at 7,442.39 (close)

(H.Schneide--BBZ)