October 3, 2022

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Wall Street has collapsed after the US embargo on Russian oil

Wall Street has collapsed after the US embargo on Russian oil

NEW YORK (AP) – Shares in New York ended trading on Tuesday with moderate losses. Several major US brands have announced that they will suspend its operations in Russia due to the invasion of Ukraine. Investors also carried the message that the United States and the United Kingdom would restrict the import of fossil fuels from Russia.

The Dow Jones Industrial Average fell 0.6 percent to 32,632.64 points. The broader S&P 500 was down 0.7 percentage points at 4,170.70 and the Tech Nasdaq was down 0.3 percent at 12,795.55.

The UK government has announced that it will not import Russian oil by the end of this year. Americans who are less reliant on Russian fossil fuels will stop importing coal, gas and oil from Russia.

Oil prices

Crude oil prices continued to rise after the announcement. U.S. oil prices rose more than 4 percent to $ 124.27 a barrel. Brent oil prices rose 4.2 percent to $ 128.40 a barrel. U.S. oil companies ExxonMobil and Chevron rose 5.2 percent.

In other commodity markets, there was great unrest due to sanctions against Russia. Nickel, the most important metal for batteries and catalytic converters, gained 250 percent in two days. The London Metal Exchange has suspended trading in nickel and will not resume until Friday. Although the grains reached record prices, they fell sharply again.

Starbucks

Starbucks lost 0.5 percent after announcing it would suspend all operations in Russia, including supplying to 130 coffee shops in the country. In addition, coffee beans are increasing coffee prices due to concerns about global transportation. McDonald’s announced the closure of its 850 branches in Russia and lost 0.7 percent. Coca-Cola merged with companies that boycott Russia shortly before the close of trading, rising 3.8 percent.

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Apple has attracted attention by releasing new products. As expected, the 5G-enabled version of its entry-level iPhone appears. In addition, the technology company announced a new cube-shaped desktop computer. The stock lost 1.2 percent.

The euro was valued at $ 1.0905, up from $ 1.0884 at the close of European stock markets.