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Sunday, November 27, 2022

Oil Mixed as Tensions over Ukraine Grows By Investing.com

© 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.

fell 0.53% to $94.16 by 9:43 PM ET (2:43 AM GMT) and jumped 2.67% to $96.62.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day. The U.S. market was closed on Monday for a public holiday.

U.S. and European officials condemned the move by Moscow. However, a Biden administration official said Russia’s military action has yet to constitute an invasion which could trigger a broader sanctions package.

After Moscow recognized two breakaway regions as independent, Ukrainian President Volodymir Zelensky accused Russia of violating Ukraine’s sovereign territory on Tuesday.

He said although his country wanted a diplomatic solution to the crisis, it was ready to stand its ground for the long haul.

Analysts now question whether Russian energy exports would be disrupted if Moscow invaded Ukraine and sanctions were imposed on Russian financial institutions.

“There’s a lot of uncertainty,” said Westpac senior economist Justin Smirk. “Will Russia be willing to supply on credit?”

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