A U.S. stock market, already on edge from a hawkish Federal Reserve and a conflict between Russia and Ukraine, now has another worry: higher oil prices.
U.S. crude prices stand at around $91 a barrel after surging some 40% since Dec. 1 and earlier this week touched their highest level since 2014. Prices for Brent crude , the global benchmark, have also soared and are near 7-year highs.
Capital Economics analysts said earlier this week that crude oil and natural gas prices would surge if the conflict in Ukraine escalated "even if they fall back relatively quickly as the dust settles." "The largest impact of higher oil prices is on consumer price inflation and it adds further to the pressure for the Fed to be more aggressive," Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, said in emailed comments to Reuters.is down over 8% this year while the yield on the benchmark 10-year Treasury note has risen by 40 basis points to over 1.9%. Investors are pricing the Fed funds rate to rise to above 1.
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