NEW YORK — Stocks are opening lower on Wall Street but keeping their losses in check as an early spike in crude oil prices abated. 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 surge in oil prices since Russia’s invasion of Ukraine has brought worries that inflation could get worse if energy prices continue to soar. The S&P 500 was off 0.5%.
U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S. That pushed the average price for gasoline in the U.S. above $4 a gallon, a milestone already reached again. The price of regular gasoline rose almost 41 cents, breaking $4 per gallon on average across the U.S. on Sunday for the first time since 2008, according to the AAA motor club.
Higher fuel costs are devastating for Japan, which imports almost all its energy. Japan’s benchmark Nikkei 225 lost 2.9% to 25,221.41. China reported Monday that its exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy.