Oil prices jump as stocks sink

Oil prices jump as stocks sink

LONDON: World oil prices rallied and European equities sank yesterday with investors unnerved by key crude producer Russia’s attack on Ukraine. Brent oil surged more than five percent to top $103 per barrel and approach recent 2014 peaks, on the eve of a key output meeting of OPEC and non-member producers including Russia.

Frankfurt and Paris stock markets meanwhile accelerated losses to shed around three percent in early afternoon deals. London slid 1.4 percent, as investors shrugged off Asian gains. “European stocks are once again heading lower with Russia/Ukraine headlines continuing to hurt sentiment,” City Index analyst Fiona Cincotta told AFP.

“Losses on the FTSE are modest, thanks to a strong performance from resource stocks, as commodity prices rise.” Frankfurt’s steeper losses were “unsurprising given Germany’s reliance on Russian energy”, she added. Bitcoin gained five percent to $43,603 with strong support for the world’s most popular cryptocurrency in Russia, where many investors are seeking shelter from the nation’s sanctions-ravaged economy.

Key European stocks indices had also fallen Monday after world powers imposed new sanctions on Russia. With no let-up in the assault on its neighbor, Russia has been pummeled by a series of widespread and debilitating sanctions. The measures have sent the ruble