Zürcher Nachrichten - Oil extends rally as EU proposes more Russia sanctions

EUR -
AED 4.01463
AFN 77.43367
ALL 100.202987
AMD 423.897239
ANG 1.969076
AOA 957.991104
ARS 1008.864037
AUD 1.62248
AWG 1.970163
AZN 1.863306
BAM 1.954883
BBD 2.205965
BDT 128.379767
BGN 1.955842
BHD 0.411993
BIF 3145.895237
BMD 1.093017
BND 1.464599
BOB 7.549458
BRL 6.001318
BSD 1.092587
BTN 91.285336
BWP 14.764073
BYN 3.57549
BYR 21423.136759
BZD 2.202267
CAD 1.494613
CDF 3093.238535
CHF 0.966445
CLF 0.036071
CLP 995.313916
CNY 7.93421
CNH 7.946382
COP 4356.733695
CRC 571.132038
CUC 1.093017
CUP 28.964955
CVE 110.212283
CZK 25.271978
DJF 194.528732
DKK 7.459518
DOP 64.469752
DZD 146.970949
EGP 52.745515
ERN 16.395258
ETB 62.74776
FJD 2.435461
FKP 0.842236
GBP 0.841836
GEL 2.967566
GGP 0.842236
GHS 16.846942
GIP 0.842236
GMD 74.108511
GNF 9411.498237
GTQ 8.470948
GYD 228.580664
HKD 8.534743
HNL 27.061303
HRK 7.550508
HTG 144.221015
HUF 389.846978
IDR 17672.994809
ILS 3.975191
IMP 0.842236
INR 91.423217
IQD 1431.215413
IRR 46002.358061
ISK 149.491864
JEP 0.842236
JMD 170.909813
JOD 0.774516
JPY 170.92439
KES 142.63889
KGS 92.860334
KHR 4486.853822
KMF 492.458834
KPW 983.715846
KRW 1510.983769
KWD 0.333895
KYD 0.910465
KZT 519.471523
LAK 24200.424311
LBP 97838.101503
LKR 331.931229
LRD 213.050042
LSL 19.874484
LTL 3.227396
LVL 0.661155
LYD 5.282522
MAD 10.739261
MDL 19.348745
MGA 4915.69367
MKD 61.610614
MMK 3550.07717
MNT 3770.909655
MOP 8.785598
MRU 43.253706
MUR 50.792639
MVR 16.73446
MWK 1894.511139
MXN 19.375861
MYR 5.101656
MZN 69.843788
NAD 19.874394
NGN 1789.640584
NIO 40.220761
NOK 11.739245
NPR 146.057473
NZD 1.800669
OMR 0.420787
PAB 1.092587
PEN 4.058996
PGK 4.277993
PHP 63.69883
PKR 304.360601
PLN 4.294798
PYG 8252.128292
QAR 3.986193
RON 4.969402
RSD 117.028215
RUB 96.372401
RWF 1430.728735
SAR 4.099645
SBD 9.244307
SCR 14.880757
SDG 647.065768
SEK 11.533424
SGD 1.465578
SHP 0.842236
SLE 24.972495
SLL 22920.027795
SOS 624.407043
SRD 32.393751
STD 22623.248866
SVC 9.559427
SYP 2746.238863
SZL 19.869678
THB 39.303766
TJS 11.635734
TMT 3.83649
TND 3.390978
TOP 2.578701
TRY 36.168268
TTD 7.416453
TWD 35.674439
TZS 2900.73904
UAH 45.320637
UGX 4042.066575
USD 1.093017
UYU 43.879012
UZS 13750.54856
VEF 3959512.161334
VES 39.889319
VND 27651.695168
VUV 129.765227
WST 3.064392
XAF 655.649384
XAG 0.0358
XAU 0.000443
XCD 2.953934
XDR 0.824113
XOF 655.649384
XPF 119.331742
YER 273.609539
ZAR 19.89077
ZMK 9838.45849
ZMW 28.488634
ZWL 351.951087
  • RBGPF

    55.6460

    55.646

    +100%

  • CMSC

    -0.0700

    24.35

    -0.29%

  • VOD

    0.1400

    9.17

    +1.53%

  • RYCEF

    0.0200

    5.94

    +0.34%

  • SCS

    0.1700

    13.92

    +1.22%

  • BCC

    -3.0800

    133.72

    -2.3%

  • RELX

    -0.9100

    45.4

    -2%

  • NGG

    0.7900

    61.78

    +1.28%

  • RIO

    -0.5500

    65.77

    -0.84%

  • CMSD

    -0.0100

    24.545

    -0.04%

  • JRI

    0.0300

    12.63

    +0.24%

  • AZN

    1.1700

    79.76

    +1.47%

  • GSK

    0.9400

    39.84

    +2.36%

  • BTI

    0.5600

    32.7

    +1.71%

  • BP

    0.5300

    35.42

    +1.5%

  • BCE

    0.4200

    33.37

    +1.26%

Oil extends rally as EU proposes more Russia sanctions
Oil extends rally as EU proposes more Russia sanctions

Oil extends rally as EU proposes more Russia sanctions

Oil prices jumped further Tuesday as the European Union proposed further sanctions against major crude producer Russia in response to killings in the Ukrainian town of Bucha that have prompted international condemnation.

Text size:

Elsewhere, European and US stocks were mostly lower, while Asian equity markets rose. The dollar was mixed versus major rivals.

Oil rising again "is bad news for corporates looking to manage cost pressures, and for consumers already struggling to stomach higher energy bills", noted Russ Mould, investment director at AJ Bell.

While countries in Europe -- particularly Germany -- rely heavily on energy from Russia, the possibility of an oil embargo sent both main crude contracts sharply higher Monday.

In the end the EU didn't target oil, instead calling for sanctions on coal and shipping.

But Brent North Sea and WTI oil continued their rise on Tuesday, helping paring some of the sharp losses seen Friday in reaction to a pledge by Washington and other major economies to unleash millions of barrels from their stockpiles to keep a lid on prices, which are fanning already high inflation.

The additional EU sanctions came days after dozens of bodies were found on the streets in Bucha, northwest of Kyiv, though some countries remain worried of the potential economic fallout.

Ukrainian President Volodymyr Zelensky blames Russian troops for the killings, but the Kremlin has denied responsibility.

White House National Security Advisor Jake Sullivan signalled more US sanctions were on the way this week.

The US Treasury said Tuesday said that the United States will bar Russia from making debt payments using funds held at American banks, to ramp up the economic pain on Moscow.

Wall Street opened moderately lower after posting strong gains Monday despite continued uncertainty caused by the war in Ukraine.

But market analyst Patrick J. O'Hare at Briefing.com said investors were concerned that the rally by stocks off March lows won't last.

Investors "will be battling the idea that further upside will be harder to come by given an existing backdrop that includes rising interest rates, persistently high inflation pressures around the globe, and Russia's continued attack on Ukraine," he said.

Traders will be keeping a close eye on the release this week of minutes from the Federal Reserve's most recent policy meeting, hoping for an insight into officials' thinking over future monetary policy.

After the Fed's expected quarter-point interest rate hike last month, there are increasing bets on a half-point lift in May in light of soaring inflation and strong jobs data that suggest the US economy remains robust enough to absorb higher borrowing costs.

- Key figures around 1330 GMT -

Brent North Sea crude: UP 0.6 percent at $108.21 per barrel

West Texas Intermediate: UP 0.7 percent at $104.02 per barrel

London - FTSE 100: UP 0.2 percent at 7,570.62 points

Frankfurt - DAX: DOWN 0.6 percent at 14,429.87

Paris - CAC 40: DOWN 1.6 percent at 6,626.82

EURO STOXX 50: DOWN 0.8 at 3,921.07

New York - Dow: DOWN 0.3 percent at 34,835.12

Tokyo - Nikkei 225: UP 0.2 percent at 27,787.98 (close)

Hong Kong - Hang Seng Index: Closed for a holiday

Shanghai - Composite: Closed for a holiday

Euro/dollar: DOWN at $1.0960 from $1.0978 late Monday

Pound/dollar: UP at $1.3146 from $1.3114

Euro/pound: DOWN at 83.38 pence from 83.65 pence

Dollar/yen: UP at 122.82 yen from 122.78 yen

burs-rl/raz

R.Schmid--NZN