Russia, Ukraine, and Heating Oil Prices
Over the weekend, we saw how political turmoil in Ukraine was followed by Russian military action. Today, we are seeing one result – sharply rising prices on the spot market for natural gas and oil. Heating oil has increased over 6 cents. Markets are responding as thousands of Russian troops solidified control over Crimea in the Ukraine. The U.S. warned Sunday that Moscow could face economic penalties unless it retreats.
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