{"id":30798,"date":"2022-05-31T17:50:28","date_gmt":"2022-05-31T17:50:28","guid":{"rendered":"https:\/\/harchi90.com\/oil-prices-are-rising-after-eu-russian-oil-ban-stocks-are-dropping\/"},"modified":"2022-05-31T17:50:28","modified_gmt":"2022-05-31T17:50:28","slug":"oil-prices-are-rising-after-eu-russian-oil-ban-stocks-are-dropping","status":"publish","type":"post","link":"https:\/\/harchi90.com\/oil-prices-are-rising-after-eu-russian-oil-ban-stocks-are-dropping\/","title":{"rendered":"Oil prices are rising after EU Russian oil ban. Stocks are dropping"},"content":{"rendered":"
NEW YORK (AP) – US stocks are falling Tuesday as Wall Street nears the end of a tumultuous month, bruised by worries about a possible recession, inflation and rising interest rates.<\/p>\n
The S&P 500 was 1.1% lower in early trading. The Dow Jones Industrial Average was down 421 points, or 1.3%, at 32,791, as of 9:49 am Eastern time, and the Nasdaq composite was 1% lower.<\/p>\n
Highlighting the worries about inflation, oil prices jumped above $ 119 toward their highest levels since the early days of Russia’s war in Ukraine.<\/p>\n
Brent crude, the international standard, was up 2% at $ 119.95 per barrel after the European Union agreed to block the majority of oil imports from Russia. Benchmark US crude was up 3.2% at $ 118.76.<\/p>\n
The EU pact was worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. That was crucial to bring landlocked Hungary on board, a decision that required consensus.<\/p>\n\n
Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter. Wheat prices are up about 50% and corn prices are up 30%.<\/p>\n
HOW LONG WILL GAS PRICES RISE ?:<\/strong>The average gas price is above $ 4 in every state<\/p>\n SUMMER TRAVEL:<\/strong>Here’s how to take a summer road trip without spending a fortune as gas prices reach records<\/p>\n