Gold prices marched higher Monday, as investors fled to havens amid declines in stocks.
DAVID GRAY/AFP/Getty Images
Stocks plunged Monday and investors sought havens as oil prices hit the highest level since 2008, driven higher by supply fears amid a possible ban from the U.S. and allies on Russian crude.
Futures for the
Dow Jones Industrial Average
fell 430 points, or 1.3%. The index ended 179 points lower on Friday to close at 33,614.
futures signaled a start 1.3% into the red with the
poised to drop 1.4%.
Declines were more severe overseas, where Frankfurt’s
shed 2.8%—putting Germany’s blue-chip index into a bear market, down more than 20% this year. Tokyo’s
ended the day 2.9% lower.
The selloff in stocks came as Russia’s invasion of Ukraine continued to weigh on investors—in particular, the impact on oil prices.
Crude spiked to start the new trading week, surging to the highest level in more than a decade, after Secretary of State Antony Blinken said over the weekend that the U.S. and European allies were considering an outright ban on Russian crude. That would exacerbate supply pressures for a global oil market that is already incredibly tight.
“Equity markets are set to open sharply lower as a result,” said Jim Reid, a strategist at
“The news out of the U.S. over the weekend shows the momentum is building for fiercer sanctions on Russia.”
Futures for U.S. benchmark West Texas Intermediate crude rose 6.5% to above $123 a barrel on Monday, having neared $127 when prices jumped as trading opened on Sunday. Similar action was seen for international oil benchmark Brent, which surged 6% to $125. It crossed $130 a barrel in early…