Oil Mixed as Tensions over Ukraine Grows -Breaking
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© Reuters. By Gina Lee
Investing.com – Oil was mixed on Tuesday morning in Asia after Moscow ordered troops into two breakaway regions in eastern , adding to concerns a war is imminent.
The price fell to $94.16 at 9:43PM ET (2:43 GMT) but rose to $96.62 by 2:43 GMT.
Investors await U.S. crude oils supply data from American Petroleum Institute. These are due late in the day. Monday was a national holiday in the United States.
Officials from the United States and Europe condemned Moscow’s actions. A Biden administration official stated that Russia’s military actions have not been considered an invasion and could be subject to a wider set of sanctions.
Moscow had recognized the independence of two regions, and on Tuesday Volodymir Zilensky, Ukrainian president accused Russia.
According to him, although his country desired a diplomatic solution for the crisis it was prepared to hold its ground over the long term.
Analysts wonder if Russian energy exports might be disrupted by an invasion of Ukraine, or sanctions being imposed upon Russian financial institutions.
Justin Smirk, senior Westpac economist said that there is a lot uncertainty. Will Russia supply credit?
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