Crude prices are spiralling up almost in lockstep as fighting intensifies on the ground in Ukraine, says Vandana Hari of Vanda Insights.
Just when you thought $100 per barrel was bad, it is $110 now. Where do you see crude headed next?
We heard Biden say it is $110 and we are going to be okay. But are we? I do not think the markets agree with him. Crude is spiralling up almost in lockstep as fighting intensifies on the ground in Ukraine.
The latest headlines on Ukraine is that Russia has stepped up the bombardment of its biggest cities. Biden is coming under growing pressure now to ban Russian energy exports.
That is probably the last remaining tool that they have one and have very meticulously tried to avoid using but just as Putin is being pushed to a corner, the NATO allies also have their backs against the wall. That is the worry crude is pricing in right now.
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