February 28, 2022

Ukraine crisis: Rouble in rubble, commodities soar!  

February 28, 2022

crisis
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Ukraine crisis: Rouble in rubble, commodities soar!  

 

Commodities including oil and gold continue to surge amid escalating sanctions against Russia for its ongoing invasion of Ukraine. Rubble

Global markets enter the second week of volatility following Russia’s invasion of Ukraine. US stocks rallied on February 25 but futures were dropping by February 28. 

 The Russian ruble crashed 29% against the US dollar on Monday to an all-time low; The ruble was trading as low as 119 per dollar from nearly 84 per dollar. Forex markets are assessing the impact of growing sanctions against Russia. 

 

 Take advantage of the oil price today! 

 

To combat the financial fallout, Russia’s central bank has blocked brokers from carrying out sell orders from foreigners. The firm also said it would be freeing 733 billion rubles ($8.78 billion) to boost liquidity. 

 The US dollar index, which tracks the greenback against its peers, was at 97.189, up from 96.615. 

Oil futures positive 

  

US West Texas Intermediate crude futures were 4.5% higher at $95.71 per barrel while Brent crude was up 3.76% at $101.61. Brent crossed the $100 mark earlier in February briefly touching $105. 

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