Oil and Gold prices continued to rise today. The value of Gold, briefly exceeded the threshold of two thousand dollars per ounce. The Asian stock exchanges experienced a decline today, due to the repercussions of the Russian-Ukrainian war on the global economy.
Aluminium and copper prices have set new records, with the value of one tonne of aluminium exceeding the $4,000 threshold. The value of one tonne of copper reached $10,845, as reported by a local Arabic daily.
The price of Brent North Sea crude oil approached $140 per barrel yesterday at around 23:00 GMT. The price fell from its record high of $147.50 in July 2008.
After 06:20 GMT, the price per barrel of West Texas Intermediate jumped by 9.04% and touched $126.14, and a barrel of Brent rose by 10.12%, reaching $130.06.
The US Secretary of State, Anthony Blinken said on Sunday that The United States and The European Union were discussing the possibility of banning imports of Russian oil. Due to the increased aggravation of the situation in Ukraine, by Russia, the direct sanctions imposed on Russian oil export is no longer a non-negotiable issue
However, The European Union plans to adopt a more cautious attitude, as many countries in Europe, like Germany, depend heavily on oil and gas coming in from Russia.
A message from the National Australia Bank today included “If the war does not stop, nothing appears on the horizon that will slow down the rise in oil prices and a significant decline in the Euro. A third round of negotiations is taking place between Moscow and Kiev on Monday. However, the markets do not expect a positive result after the failure of the previous two rounds and the intensification of the Russian attack.
Today, the Russian army has announced the opening of several humanitarian corridors and plans for ceasefire in certain places to evacuate civilians from the Ukrainian cities of Kharkov, Kiev, Mariupol and Sumy, which are in the midst of violent battles.
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