Global Markets Tumble As Economies Stumble

In particular, the European markets saw a fall due to the possibility of a ban on importing crude oil and natural gas from Russia

US benchmark indices Dow Jones, Nasdaq and S & P 500 have fallen by almost 5 per cent each in the past two weeks. Oil prices gave up their gains, diving into negative territory after surging above USD 130 earlier in the second half of the fortnight. The prices jumped as markets reacted to supply disruptions emerging from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas by the US and its allies. Executives at some of the world’s biggest oil and gas producers said that they are ramping up their crude production as US gasoline prices surged to USD 4 a gallon. Federal Reserve Chairman Jerome Powell has given a definite nod to interest rate hike despite the global environment.

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