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Oil prices rocketing

20 January 2022

Stock markets of Asia decreased after US Treasury yields reached a two-year maximum and oil prices reached their highest since 2014. Investors have been worrying because of a global technology stock sell-off and tightening of US monetary policy. South Korea’s Kospi lost 1.0%, Hong Kong’s Hang Seng index lost 0,26%.

An outage on a pipeline from Iraq to Turkey has supported the recent increase in oil prices. Turkey’s pipeline operator said it extinguished the flames following the explosion that interrupted the flow of oil. Brent crude futures rose 87 cents, and WTI futures increased $1.03.

The price of Brent crude is $87.96, WTI — $85.38, GBP/USD — 1.3595, EUR/USD — 1.1333, and gold costs $1813.20 per ounce.

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