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Oil nears $130pb, gold hits $1200 and EUR/CHF slips to 1.0 [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The week starts with a 10% rally in US crude prices after the US Secretary of state Blinken said that the US and its allies now consider an embargo on Russian oil.

The market mood is red, again, this Monday. Cutting off Russian oil will increase the positive pressure on oil prices and will likely send the price of a barrel above $150 in the foreseeable future. The extended rally in oil and commodity prices will likely bring the European economies to ration consumption and weigh on the economic recovery and the corporate earnings in 2022.

European indices are severely down at the open. US equities are also poised to open in the red.

Bitcoin slipped below the $40K mark during the weekend, the US dollar index prepares an advance to the 100 mark, the euro-franc fell below the 1 mark for the first time since 2015 and gold hit $2000 an ounce.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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Oil nears $130pb, gold hits $1200 and EUR/CHF slips to 1.0 [Video]

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