Asian markets pare losses, oil drops on Biden-Putin hope


Equities pared losses and oil prices sank Monday after Presidents Joe Biden and Vladimir Putin agreed in principle to hold a summit to try to find a way out of the Ukraine crisis.

Warnings from US officials that Russia could invade its neighbour imminently have sent markets spiralling in the past week and sent crude surging towards $100 a barrel as traders fret over already tight supplies.

The crisis has compounded worries about inflation, which is sitting at a 40-year high and putting pressure on the Federal Reserve to hike interest rates with investors speculating over how fast and hard it will move.—AFP


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