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West turns the screws on Russia

Published Friday, September 12th, 2014

The deadlock surrounding EU negotiations over further punitive measures against Russia was finally broken yesterday as diplomats agreed fresh economic sanctions which will come into effect later today. They did however provide President Putin with some chance of recourse after indicating that they would be lifted should Moscow do its bit to maintain the current truce. There was no such hesitation from the US who did not shy away from announcing its latest measures aimed at tightening the noose around Russia’s financial sector.

The potential scope for rising geopolitical tensions did weigh on sentiment in early trading on global equity indices although an unexpected rise in US jobless claims softened concerns of an imminent interest rate hike and helped stocks reverse losses. European investors will hope that industrial production and jobs data due to be released this morning will help the region’s bourses end the week on a high note.

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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.