For their part, the main Wall Street indices were trading higher but in a volatile session due to concerns about the aggressive tightening of monetary policy and the slowdown in economic growth.
At the beginning of the session, Statements by the energy ministers of Saudi Arabia and the United Arab Emirates had pushed Brent and WTI up more than a dollar a barrel.
“These are volatile times, daily price swings are exaggerated these days”said John Kilduff, a partner at Again Capital LLC, adding: “As the EU continues to waver over whether or not it’s going to embargo that Russian oil, that changes the calculus a lot in both directions.”
The European Union Commission delayed its participation on the proposal. Unanimity is needed to ban oil imports from Russia, and while a French minister said EU members could reach a deal this week, Hungary has entrenched its opposition to an embargo.
For her part, the president of the Cleveland Federal Reserve, Loretta Mester, said that raising interest rates in the United States in increments of half a percentage point “makes a lot of sense” for the next policy meetings of the US central bank.
Bundesbank chief Joachim Nagel said the European Central Bank should raise interest rates in July.
this day, the dollar remained near two-decade highs pending a reading on inflation that could give clues about the outlook for Fed policy.
Source: Ambito
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