European markets are set to climb on Wednesday as investors continue to monitor surging commodities prices and the ongoing war in Ukraine.
Stocks across Europe fluctuated on Tuesday before closing slightly lower, as U.S. President Joe Biden announced that the U.S. will ban imports of Russian oil, marking a major escalation in the international response to Moscow's invasion of Ukraine.
The move risks exacerbating existing price surges on supply concerns and expectations of stronger growth, and crude oil prices bounced once again following Biden's announcement. International benchmark Brent crude was up above $130 per barrel early on Wednesday morning in Europe, while U.S. crude hovered above $125 per barrel.
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