Oil And Gold Settle After Overnight Peaks- 22 February, 2022

Oil prices were flat after reaching seven year highs the previous session as it was made clear that oil supplies would not be affected by U.S. and European sanctions on Russia. Brent crude was up 0.3% or 30 cents to $97.14 per barrel, having hit as high as $99.50 the previous session, its highest since September 2014. U.S. West Texas Intermediate crude futures also rose 0.3% or 30 cents to $92.21 per barrel, having hit $96 the previous session. After hitting a nine month high, gold leveled out as safe-haven demand was offset by a rise in Treasury yields following the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine. Spot gold was last standing at $1,898.63 per ounce after hitting its highest since June 1 at $1,913.89 per ounce. U.S. gold futures were down 0.3% to $1,901.90.