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Ukraine tensions dampens mood

Published Thursday, February 27th, 2014

Emergent market concerns have returned to the fore after tensions in Ukraine sent the Russian ruble a fresh five-year low. Along with fears of an imminent default by Ukraine on its debt obligations, investors were spooked by Russia’s decision to place its troops along its Ukrainian border on high alert. This feeling of unease is being compounded by reports of pro-Russian separatists seizing government buildings in the Russian-majority Crimea region.

Despite the retreat of European indices, traders across the Atlantic were hopeful of an assertive breakthrough into virgin territory on Wall St. Although figures showing that US new home sales hit a five-and-a-half year high in January boosted sentiment, equities yet again failed to close above key resistance levels. The continuous lack of momentum needed to ensure a close over these levels is causing concern and the search for impetus will now turn to Janet Yellen’s testimony taking place later today.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.