Oil prices keep climbing, as experts call for “demand destruction” to curb dramatic surge – ArabianBusiness.com

Oil prices keep climbing, as experts call for “demand destruction” to curb dramatic surge – ArabianBusiness.com

Stocks and oil made steady gains on 1 March, amid a lull in the volatility sparked by the war in Ukraine and the sanctions placed on Russia.

Treasuries slipped back after surging during the Wall Street session on risk aversion and month-end rebalancing. The dollar was little changed. Oil pushed higher as traders balanced the possible release of emergency stockpiles against fears of disruption to Russian energy exports.

Russia’s markets remain under pressure after the US and its allies moved to block the Bank of Russia’s access to foreign reserves and cut some lenders off from the SWIFT messaging system for global banking.