Russia-Ukraine crisis LIVE Updates:
Oil eased on Monday from its highest in more than seven years as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war. Brent crude rose 5 cents to $94.49 a barrel by 10:55 a.m. EST (1555 GMT), after touching its highest since October 2014 at $96.16. US West Texas Intermediate (WTI) crude rose 46 cents to $93.56 a barrel, after hitting $94.94, the loftiest since September 2014.
World shares skidded on Monday as warnings that Russia could invade Ukraine at any time drove oil prices to seven-year peaks, hit the euro and sent investors scuttling back to the safe-haven government bonds they have been dumping all year. The ratcheting concerns sent Europe’s STOXX 600 share index tumbling 2.7% and pushed Wall Street futures down nearly 1% before comments from Russia’s Foreign Minister Sergei Lavrov that diplomatic efforts should continue helped win back some of the lost ground.
Germany’s Chancellor Olaf Scholz visited Ukraine on Monday and plans to visit Moscow as well in what seems to be a last-ditch attempt to avoid a feared Russian invasion that as per a US intelligence report could begin as soon as Wednesday. The Russia-Ukraine conflict has reached an inflection point with European stability and the future of East-West relations hanging in the balance. Russia has deployed over 100,000 troops near the Ukraine border. US President Joe Biden has warned that the US and its allies would respond decisively and impose swift and severe costs if Russia invades Ukraine.
First Published: IST