- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
- Jila Mossaed, from refugee poet to Swedish Academy
- Will Tesla's robotaxi reveal live up to hype?
- Drugs, people smuggling at heart of Mexico's raging violence
- 'Invisibility' and quantum computing tipped for physics Nobel
- Musk says he is 'all in' on Trump in US election
- Category 5 Hurricane Milton roars towards storm-battered Florida
- Carpenter bomb stuns Guardians as Tigers level series
- Harris, Trump and Biden mark Oct. 7 attacks as US election looms
- Oil prices extend gains on Mideast tensions, Wall Street falls
- US judge orders Google to open Android to rival app stores
- On attacks anniversary, Israel fights 'sacred' multi-front war
- Nobel scientist uncovered tiny genetic switches with big potential
- Grammy-winning Cissy Houston, mother of Whitney, dies at 91
- UN biodiversity summit in Colombia aims to turn words into action
- Georgia Supreme Court reinstates six-week abortion ban
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- On attacks anniversary, Israel fights multi-front war
- Mexican mayor murdered days after taking office
- Intensifying to Category 5, Hurricane Milton targets Florida
- Mission to probe smashed asteroid launches despite hurricane
- Biden, Harris mark Oct. 7 with call for Mideast peace
- Dupont set for Toulouse return after post-Olympic holiday
- French rugby bosses tighten discipline after nightmare Argentina tour
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Visitors to get rare view of Rome's Trevi Fountain
- Europe's asteroid mission Hera launches despite hurricane
- Man City and Premier League both claim victory in legal case
- Deschamps delight as 'light back on' for Pogba after doping ban
- Biden, Harris urge Mideast peace on Oct. 7 anniversary
- Neeskens, tough midfielder in Cruyff's Ajax and Dutch teams
- UN warns world's water cycle becoming ever more erratic
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- Ex-Dutch football star Johan Neeskens dies
- Man Utd battling to improve fortunes, says Evans
- What is microRNA? Nobel-winning discovery explained
- Masood, Abdullah centuries lift Pakistan to 328-4 in first England Test
- Hurricane Milton strengthens fast, threatens Mexico, Florida
- Tunisia's President Saied set for landslide election win
- Barca hoping to return to Camp Nou 'by end of year'
- Trump to open second golf course at Scotland resort in summer 2025
- Super-sub Jhon Duran rewarded with new Aston Villa deal
- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
RBGPF | -1.97% | 58.94 | $ | |
BCC | 1.68% | 141.27 | $ | |
JRI | -0.76% | 13.18 | $ | |
CMSD | -0.09% | 24.79 | $ | |
CMSC | -0.53% | 24.57 | $ | |
GSK | -0.49% | 38.63 | $ | |
AZN | -0.78% | 76.87 | $ | |
SCS | -0.15% | 12.95 | $ | |
RELX | -0.54% | 46.04 | $ | |
RIO | -0.11% | 69.62 | $ | |
NGG | -1.56% | 65.48 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
BCE | -0.54% | 33.53 | $ | |
BTI | -0.26% | 35.2 | $ | |
VOD | 0.31% | 9.69 | $ | |
BP | 0.78% | 33.14 | $ |
Oil extends rally as EU considers more Russia sanctions
Oil prices jumped further Tuesday as the European Union considered further sanctions against major crude producer Russia in response to killings in the Ukrainian town of Bucha that have prompted international condemnation.
Elsewhere, European and Asian stock markets diverged and the dollar dipped versus major rivals.
Oil rising again "is bad news for corporates looking to manage cost pressures, and for consumers already struggling to stomach higher energy bills", noted Russ Mould, investment director at AJ Bell.
While countries in Europe -- particularly Germany -- rely heavily on energy from Russia, the possibility of an oil embargo sent both main crude contracts sharply higher Monday.
Brent North Sea and WTI oil continued their rise on Tuesday, each putting on more than 1.5 percent.
That pared some of the sharp losses seen Friday in reaction to a pledge by Washington and other major economies to unleash millions of barrels from their stockpiles to keep a lid on prices, which are fanning already high inflation.
The EU is considering hitting Russia with sanctions on oil or coal, a top official said Tuesday, after dozens of bodies were found on the streets in Bucha, northwest of Kyiv, though some countries remain worried of the potential economic fallout.
Ukrainian President Volodymyr Zelensky blames Russian troops for the killings, but the Kremlin has denied responsibility.
White House National Security Advisor Jake Sullivan signalled more US sanctions were on the way this week.
The continued uncertainty caused by the war in Ukraine, and blow to the global economy it is expected to deal, was unable to prevent another healthy performance Monday on Wall Street.
"Despite all the concerns, equities remain the best bet to achieve returns above today's elevated inflation," said markets strategist Louis Navellier.
Equities trading was tepid in Asia on Tuesday, with Hong Kong, Shanghai and Taipei closed for holidays.
Tokyo's blue-chip shares ended higher, driven by buying of high-tech shares, though the yen's gyrations weighed on the market.
Traders will be keeping a close eye on the release this week of minutes from the Federal Reserve's most recent policy meeting, hoping for an insight into officials' thinking over future monetary policy.
After the Fed's expected quarter-point interest rate hike last month, there are increasing bets on a half-point lift in May in light of soaring inflation and strong jobs data that suggest the US economy remains robust enough to absorb higher borrowing costs.
- Key figures around 0930 GMT -
Brent North Sea crude: UP 1.5 percent at $109.15 per barrel
West Texas Intermediate: UP 1.7 percent at $104.98 per barrel
London - FTSE 100: DOWN 0.1 percent at 7,551.11 points
Frankfurt - DAX: UP 0.3 percent at 14,557.93
Paris - CAC 40: DOWN 0.4 percent at 6,703.88
EURO STOXX 50: FLAT at 3,952.83
Tokyo - Nikkei 225: UP 0.2 percent at 27,787.98 (close)
Hong Kong - Hang Seng Index: Closed for a holiday
Shanghai - Composite: Closed for a holiday
New York - Dow: UP 0.3 percent at 34,921.88 (close)
Euro/dollar: UP at $1.0983 from $1.0978 late Monday
Pound/dollar: UP at $1.3138 from $1.3114
Euro/pound: DOWN at 83.59 pence from 83.65 pence
Dollar/yen: DOWN at 122.74 yen from 122.78 yen
S.F.Warren--AMWN