The price of U.S. crude was up 1.8% to $117 a barrel Monday, but off its earlier high of $130 a barrel as talk escalated over the weekend about the U.S possibly barring imports of Russian oil.
A similar temporary cease-fire in two Ukrainian cities failed over the weekend — and both sides blamed each other. U.S. crude jumped $5.21 to $120.89 a barrel in electronic trading on the New York Mercantile Exchange. The all-time high was marked in July 2008, when the price per barrel of U.S. crude climbed to $145.29.
In early European trading, France’s CAC 40 fell 1.2% while Germany’s DAX lost 1.6%. Britain’s FTSE 100 lost 0.7%. “It should be clear by now that economic sanctions will not deter any aggression from the Russians, but will serve more as a punitive measure at the expense of implication on global economic growth. Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook,” Yeap said.
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