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Thursday, May 26, 2022

US stocks mixed as oil pulls back after skyrocketing on potential for new sanctions on Russian energy sector

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US stocks were mixed Monday following oil’s overnight surge above $130 a barrel a 13-year high on reports that Western leaders are considering a ban on Russian energy exports.

Indexes pared pre-market losses sharply as crude pulled back to around the $120-per-barrel level. Still, commodities overall remained elevated. Other important Russian exports, such as palladium and nickel, also leapt as the conflict in Ukraine continues to intensify and Russian forces increasingly target Ukrainian civilians.

Here’s where US indexes stood at the market open at 9:30 a.m. on Monday:

In the US, billionaire investor Carl Icahn exited his position on Occidental Petroleum stock but Warren Buffett revealed a $5 billion stake in the energy giant.

Gold jumped by 0.80% to 1,982.30 per ounce. The 10-year yield was up 6 basis points to 1.78%.

Bitcoin inched up 2.04% to $39,190.20.

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