October 3, 2022

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Oil climbs, stocks yo-yo as US bans Russian crude imports

Stocks yo-yoed, oil prices climbed and the price of nickel surged so much that trading for it was shut on Tuesday, as the US banned imports of oil from Russia and the economic fallout from its invasion of Ukraine kept rocking markets. The S&P 500 was 0.2 per cent lower in afternoon trading after earlier careening between a loss of 1per cent and a gain of 1.8 per cent. Such wide swings have become common as investors struggle to guess how high oil prices will go, and how much they’ll drag on the economy.