Brent crude oil remains elevated despite trading marginally lower post-Asia. Get your market update from WVenketas here:
has found some upside after markets react to an increasingly hostile situation in Ukraine, driving investors to safety in the form of U.S. Treasury bonds and increasing the demand for the greenback.
Staying on the topic of Russia and Ukraine, the much talked about oil ban by the EU is due to be decided in the upcoming days according to European Commission President Ursula von der Leyen. Thus far, the ban has proven more difficult than initially expected with landlocked countries like Hungary concerned about negative implications should the ban go through, meaning brent crude should remain around current levels leading up to the announcement.
Another interesting development that arose yesterday was the Russians strategy to increase exports to its fellow BRICS member states including Brazil, India, China and South Africa at attractive price points, along with creating joint refineries with the block.. I will be looking for clues around upcoming rate hikes concerning 50bps and 75bps increases respectively.
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