Asia stocks mixed after Wall Street falls, U.S. bans Russian oil

Already high oil prices rose further, adding more than US$2 per barrel following President Joe Biden's ban on imports of Russian crude.

Asian markets “seem to be taking a breather” from their sell-off, but Wall Street’s retreat “may drive some wait-and-see as geopolitical risks show no signs of easing,” Yeap Jun Rong of IG said in a report. Benchmark U.S. crude rose $2.28 to $125.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $4.30 on Tuesday to $123.70.

Nickel prices doubled Tuesday to more than $100,000 per metric ton, prompting the London Metal Exchange to suspend trading. The exchange issued an update saying it did not expect to resume trading before March 11 and was considering imposing a trading band when it does. The Dow Jones Industrial Average lost 0.6% to 32,632.64. The Nasdaq composite retreated 0.3% to 12,795.55. On Monday, it closed 20% below its record high.

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