Stocks reverse early gains as oil prices at highest level since 2008

, lenders pull back from financing deals and the threat of new sanctions deters buyers. European natural gas jumped to a fresh record, while zinc hit the highest since 2007 and other industrial metals extended a powerful rally.

Treasuries were little changed after sharp losses on Wednesday, though the US 10-year yield remains below the 2 per cent levels seen before Russia’s action. The dollar and gold ticked up. Russia’s ostracism continues: MSCI and FTSE Russell are cutting Russian equities from widely-tracked indexes, while the

suspends dozens of Russian depositary receipts from trading, isolating the stocks from a large segment of the investment-fund industry.Ratings amid doubts about its capability and willingness to service debt.

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