Oil prices fell by more than 12% and stock markets improved

The drop in oil prices accelerated, yesterday, Wednesday, in major international markets by more than 12%.

The price of Brent oil for May delivery closed down 13.15% to $111.14 a barrel, while the main US West Texas Intermediate oil price fell 12.12% to $108.70 a barrel.

As for the European stock exchanges, they rebounded upwards, on Wednesday, after falling for days, on the back of fears related to the Russian war on Ukraine and its repercussions.

The indexes of the DAX for the Frankfurt Stock Exchange and the CAC-40 for the Paris Stock Exchange rose by more than 7%.

In London, the FTSE-100 index closed up by 3.3%.

On Wednesday, the Russian Statistics Agency "Rostat" announced that consumer price inflation in Russia, which has been accelerating for months, rose in February to its highest level in six years.

And some Asian markets recorded a rise, Wednesday morning, but investors faced difficulties in maintaining the same momentum.

Shares rose in Sydney, Bombay, Singapore, Taipei, Manila, Jakarta, Bangkok and Wellington, while they fell in Tokyo (0.3% for the Nikkei), Hong Kong (2.8%) and Shanghai (2.7%).

This comes after the European Union decided to exclude seven Russian banks from the SWIFT system for fast and secure banking communication, but it decided to exclude two major financial institutions closely linked to the Russian oil sector due to European countries' heavy dependence on Russian gas.

This is the reason why the European Union is not moving forward at the present time with a ban on Russian oil imports, contrary to what was previously announced by the United States and the United Kingdom on Tuesday.

Europe is highly dependent on Russian energy and is trying to find a solution for the next few months.

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