Oil Up, Sanctions on Russian Supply

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/04/oil-4.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil" loading="lazy" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/04/oil-4.jpg 1200w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/04/oil-4-300×200.jpg 300w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/04/oil-4-1024×683.jpg 1024w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/04/oil-4-768×512.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></div><h1><span data-preserver-spaces="true">Oil Up, Sanctions on Russian Supply</span></h1>
<p><span data-preserver-spaces="true">Oil was up in Asia on Tuesday morning, reversing the previous day’s losses. Investors are evaluating the likelihood of additional sanctions against Russia’s energy sector; moreover, they are absorbing a warning from the Organization of Petroleum Exporting Countries (OPEC) that replacing the lost Russian supply would be impossible.</span></p>
<p><span data-preserver-spaces="true">Brent </span><a href="https://www.financebrokerage.com/oil-drops-on-worries-about-lockdowns-in-china/" target="_blank" rel="noopener"><span data-preserver-spaces="true">oil prices</span></a><span data-preserver-spaces="true"> had risen 1.80 percent to $100.25, while WTI crude oil futures had risen 1.96 percent to $96.14.</span></p>
<p><span data-preserver-spaces="true">The Brent and WTI contracts fell approximately 4% on Monday as COVID-19 lockdowns in China fueled fears about fuel consumption. The International Energy Agency prepared to unleash a significant amount of oil reserves.</span></p>
<p><span data-preserver-spaces="true">In response to Russia’s invasion of Ukraine </span><strong><span data-preserver-spaces="true">on February 24</span></strong><span data-preserver-spaces="true">, the European Union is also developing plans for a block-wide oil embargo.</span></p>
<p><span data-preserver-spaces="true">Oil prices will be tug-of-war as crude inventories stay low. Still, energy traders will find it difficult to shrug off the constant announcements of further COVID limits. Meanwhile, OPEC cautioned that existing bans on Russian oil and other liquids exports might result in losses of up to seven million barrels per day. It went on to say that replacing the volume would be impossible.</span></p>
<p><span data-preserver-spaces="true">Investors are now looking forward to the American Petroleum Institute’s report on crude oil supplies in the United States.</span></p>
<h2><span data-preserver-spaces="true">Gold Prices Higher</span></h2>
<p><a href="https://www.financebrokerage.com/gold-and-oil-futures-edged-up/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Gold prices</span></a><span data-preserver-spaces="true"> rose somewhat on Tuesday as risk appetite decreased ahead of US inflation data that could reinforce the Federal Reserve’s tough policy stance to curb rising pricing pressures.</span></p>
<p><span data-preserver-spaces="true">As of 0621 GMT, spot gold was up 0.2 percent at </span><strong><span data-preserver-spaces="true">$1,956.78 per ounce</span></strong><span data-preserver-spaces="true">, reaching its highest level in nearly a month on Monday. Gold futures in the United States climbed 0.6 percent to $1,960.30.</span></p>
<p><span data-preserver-spaces="true">Gold was gaining ground on the back of weaker equities and geopolitical uncertainties. Still, it faced headwinds from falling petroleum, a stronger currency, and rising accurate rates.</span></p>
<p><a href="https://www.financebrokerage.com/dollar-edges-higher-3/" target="_blank" rel="noopener"><span data-preserver-spaces="true">The dollar</span></a><span data-preserver-spaces="true"> index was back over 100, nearing last week’s near two-year high of 100.19, while the 10-year Treasury yield surged to its highest level since December 2018.</span></p>
<p><span data-preserver-spaces="true">A stronger dollar makes gold less appealing to other currency holders; however, higher interest rates and yields in the United States raise the opportunity cost of owning metal.</span></p>
<p><span data-preserver-spaces="true">Palladium, an auto-catalyst metal reached a high of $2,550.58 on Monday following a sale block by London markets. It rose 0.9 percent to $2,453.83;</span></p>
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