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US stocks close lower with ban on Russian oil imports

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MOSCOW, RUSSIA - MARCH 08: A view from a Shell gas station in Moscow, Russia on March 08, 2022. Shell is set to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance, the company announced on Tuesday. As an immediate first step, the company will stop all spot purchases of Russian crude oil, it said, adding that it will also shut its service stations, aviation fuels and lubricants operations in Russia. ( Pavel Pavlov - Anadolu Agency )
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Mar 09, 2022 - 07:32 AM

ANKARA (AA) – US stocks ended lower Tuesday as the Biden administration announced a ban on energy imports from Russia.

President Joe Biden earlier signed an executive order banning all imports of Russian oil, liquefied natural gas and coal to the US.

Investors are worried that the ban on crude imports from Russia, one of the world’s three largest oil suppliers, will put upward pressure on oil prices.

In addition, amid the risks of Russia’s war on Ukraine, crude oil prices continue to climb.

Global benchmark Brent crude was trading at $128.82 a barrel, up 2.5%, while US benchmark West Texas Intermediate (WTI) crude was at $124.6 a barrel, up 4.4%.

The Dow Jones Industrial Average fell 184 points, or 0.56%, to 32,632. The S&P 500 was down 30 points, or 0.72%, at 4,170.

The Nasdaq declined 35 points, or 0.28%, to 12,795.

The VIX volatility index, known as the fear index, fell 3.6% to 35.13. The dollar index lost 0.22% to 98.07.

The yield on 10-year US Treasury notes, on the other hand, rose 5.5% to 1.846%.

Precious metals continued to increase, with gold adding 2.7% to $2,051 per ounce and silver rising 2.8% to $26.4 an ounce.

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