Russia slapped import bans on an array of food goods from the U.S. and Europe and threatened to target the automotive, shipping and aerospace industries, striking back at sanctions over the conflict in Ukraine.
After pushing them out of bases in the cities of Slovyansk and Kramatorsk, Ukraine’s government is intensifying its assault on the separatists, whose appeals for Russian intervention haven’t been met. The heightened military campaign comes days after a missile downed MH17, killing all 298 people on board.
The U.S. and the European Union blame Russia for fomenting unrest in Ukraine’s easternmost, largely Russian-speaking regions and have threatened wider sanctions to target Russia’s economy unless Putin helps ease tensions.
War has been avoided for the moment, so now the market’s focus is back to supply and demand. On the supply side, the markets frets about a drop in Libyan oil production. On the demand side, data from China suggest strong demand.
Colombia, the fastest-growing major oil producer in Latin America in the past five years, is looking to join the global shale boom as it expands exploration in areas once dominated by guerrilla groups.