Mid-Week Review – March 2, 2022
Oil jumps to highest since 2011 as OPEC holds output steady despite Russia’s war on Ukraine
U.S. oil climbed to the highest level in more than a decade in Wednesday trade, with global benchmark Brent topping $113 per barrel after OPEC and its oil-producing allies, which includes Russia, decided to hold production steady. The group will increase output in April by 400,000 barrels per day above March’s level, despite the blistering rally in oil that has pushed prices well above $100. Click Here to read more from CNBC.
All bets are off if Putin slashes the West’s oil supplies
Russia faces the specter of a full-blown financial meltdown. Punishing sanctions leveled by the West have sent the ruble crashing to record lows, shuttered Moscow’s stock market and made Russian assets toxic on the world stage. The White House has even taken aim at Vladimir Putin’s financial fortress, removing access to at least a chunk of Russia’s $630 billion rainy-day fund that was designed to cushion the economic blow of this very crisis. Click Here to read more from CNN Business.
State of the Union recap: Biden aims to reset presidency, addresses Russian invasion of Ukraine
President Joe Biden fulfilled a constitutional request when he delivered a State of the Union address – his first – to Congress on Tuesday. The president kicked off his speech strongly condemning Russia for its “unprovoked” invasion of Ukraine, including closing off U.S. airspace to Russia planes. Domestically, he hailed a new phase of the COVID-19 pandemic, urging Americans to see the virus, and not each other, as the enemy. Click Here to read more from USA Today.
Russia’s Looming Economic Collapse
The war in Ukraine is being fought on two battlefields. The first battlefield is geographic. It is the land Russia is tearing up with tank treads and pounding with missiles. The second battlefield is made up not of physical particles, but rather of relationships—contracts and promises between nations, banks, companies, and individuals. Click Here to read more from The Atlantic.
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