Oil climbs back above $100 a barrel after day of volatility on Wall Street

Oil prices rose back above $ 100 and shares in Asia rose on Friday after a day of volatile trading on Wall Street as investors faced the fallout from Russia’s invasion of Ukraine.

The Brent crude oil, the international index, rose 2.6% to $ 101.61 a barrel, while the American marker West Texas Intermediate rose 2.3% to $ 94.97.

Brent had Zinc To nearly $ 106 on Thursday, when explosions rocked Kiev but reached $ 99.08 after U.S. President Joe Biden revealed New sanctions Against Russia saving on energy exports.

In Asia, the Hong Kong Hang Seng Index rose 0.4% after closing the previous session by more than 3%. Japan’s Topix index also rose 0.7% and in Australia the S & P / ASX 200 index rose 0.5%.

Oil prices climbed after a day of volatility on Wall Street, where the S&P 500 fell 2.6% before closing 1.5% higher. Traders in New York attributed the momentum to hedge funds that release bets that stocks will fall in response to the outbreak of war while they are.

Hedge funds have sought to reduce exposure in response to increased volatility in the market, traders said, covering their short positions by buying the stock or funds traded on the stock exchange and giving a slight boost to the wider market in the process.

“It’s short coverage,” said Andy Maynard, a trader at China Renaissance Investment Bank. “They have nothing to sustain the purchase… It’s definitely not bottom fishing.”

Another head of brokerage warned that even after a brief coverage on Friday in Hong Kong, “there is still a fairly large short position” as the markets prepared for further disruption caused by the invasion.

In China, where officials said Strong support Due to the invasion of Russian President Vladimir Putin banned and short selling of individual shares, the CSI 300 index of shares traded in Shanghai and Shenzhen rose 1.7% after ending the previous meeting with a 2% decline.

Global investors continued to throw risky assets like stocks in favor of shelters, with gold up 0.6% to $ 1,914.85 an ounce.

The US dollar was stable after price gains on Thursday as European currencies, including the euro and sterling, were sold, with the dollar down 0.1 percent on Friday at 96.99.

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Oil climbs back above $100 a barrel after day of volatility on Wall Street Source link Oil climbs back above $100 a barrel after day of volatility on Wall Street

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