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Russia-Ukraine Conflict: Crude prices escalate, Asian Stocks slump

Dubai: Crude oil price surged in the international market as Russia launched military action in Ukraine.  U.S. crude surged $3.00 to $95.10 per on the New York Mercantile Exchange. Brent crude, the price basis for international oils, climbed $ 2.99 to $9 7.04 per barrel in London.

On the forex market, the US dollar  weakened to 114.56 yen. The euro fell to $1.1211 from $1.1306. Asian benchmark indices  declined  in the share market.  Nikkei 225 in Tokyo, japan  fell 2% to 25,922.46 and the Hang Seng in Hong Kong lost 2.8% to 22,986.99. The Kospi in Seoul lost 2.6% to 2,649.29 and Sydney’s S&P-ASX 200 fell 3.1% to 6,983.40..

Also Read: Ukraine’s president declares martial law in the country 

On Wall Street in the US, the S&P 500 fell to 4,225.50. The Nasdaq lost 2.6% to 13,037.49.The Dow Jones Industrial Average fell 1.4% to 33,131.76.



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