Covid’s back again?

News of the day, Monday, March 14

Oil prices have decreased about $4 today, continuing the last week’s decline following the diplomatic efforts to end the war in Ukraine. Brent crude futures decreased 3.4%, and WTI crude futures is down by 3.5%. Russian-Ukrainian negotiators have arranged one more meeting on Monday via video call. The result is supposed to turn out positive, giving hope on peaceful outcomes within days.

While war-related uncertainty continues, COVID-19 seems to come back in China. This morning, Chinese stocks fell as the number of newly infected patients reached a two-year height, promising some restrictions according to China’s zero-covid strategy. 

"Claims that Russia cannot fulfill its sovereign debt obligations are untrue," said finance minister Anton Siluanov said on Monday. He warned Russia is going to repay foreign currency debt in rubles if sanctions prevent banks to pay debts in the currency of issue.

The price of Brent crude is $108.88, WTI — $105.00, GBP/USD — 1.3048, EUR/USD — 1.0956, and gold costs $1964.42 per ounce.