The oil price spike is likely transient - eventually, with Russia still keen to earn back Forex via oil sales, and the long term focus on fossil fuel elimination... Oil will drop in price sooner or later.
Global Markets Fall After Oil Hits $130 a Barrel
Mr Hewson said.The yield on the benchmark 10-year Treasury bond edged down to 1.715% Monday from 1.722% on Friday, extending its descent, after posting the biggest one-week decline since March 2020 last week.Other haven assets rallied as well. Gold rose 1.7% to above $2,000 a troy ounce, the highest level since August 2020. Thedollar strengthened, with the WSJ Dollar Index rising 0.3%.Meanwhile, the Russian ruble appreciated 9.3% against the dollar, in a likely sign of intervention by the countr