Oil prices extended their gains Thursday on growing fears of further Russia sanctions that could hit already thin supplies, while most equity markets retreated owing to surging inflation and central bank plans to sharply hike interest rates.
The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the Ukraine war, with efforts to reach a diplomatic solution crawling along. All eyes are on meetings this week of NATO, where Joe Biden and other leaders are expected to discuss further punishing Moscow for the month-long invasion, while the European Union is still debating a possible embargo on Russian oil.—AFP
