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Oil prices surged at the beginning of a new week with Brent reaching the highest level since 2008. Brent briefly traded above $130 per barrel while WTI above $125
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Price surge was triggered by news saying that the United States will take a serious look at banning Russian oil imports. Japan is mulling similar move
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On the other hand, news surfaced saying that the United States is also engaging in talks with Venezuela about lifting oil sanctions. Biden will also travel to Saudi Arabia to talk about increasing oil output
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Iranian nuclear talks are delayed by Russia making demands over sanctioned entities
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European and US index futures trade lower at the beginning of a new week
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Indices from the Asia-Pacific region plunged today. Nikkei dropped almost 3%, S&P/ASX 200 moved 1% lower and Kospi dropped 2.3%. Indices from China traded 2.5-3.5% lower
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Russia failed to capture any significant Ukrainian cities over the weekend and Western intelligence says that progress is marooned by logistics failures, low morale and strong Ukrainian resistance
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Russia continues to target residential areas and civilians. Attempts to open humanitarian corridors over the weekend failed as Russia violated ceasefire agreements
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South Korea joined western sanctions and banned transactions with the Russian central bank. Number of companies also announced halting services in Russia over the weekend, including payment companies Mastercard, Visa, PayPal and American Express
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Russia passed a law allowing to impose up to 15 years of jail time to those who spread news on Ukraine from sources other than official. Russia also decided to ban many social media in the country, like Facebook or Twitter
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Chinese exports jumped 16.3% YoY in February (exp. 15.0% YoY) while imports were 15.5% higher (exp. 16.5% YoY). Trade balance reached $115.95 billion (exp. $99.5 billion)
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Precious metals trade higher with palladium surging 5%
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AUD and NZD are the best performing major currencies while CHF and EUR lag the most
Possibility of imposing sanctions on Russia is pushing oil prices higher. Brent reached the highest level since 2008 at the start of today's trading and, in the current fundamental setup, an attack on oil time highs in the not so distant future cannot be ruled out. Source: xStation5
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