Stock markets crash globally as crude oil prices touch $99 per barrel ami

Moscow/London/New York: Intense repercussions of the announcement made by Russian President Vladimir Putin were felt in the international markets. Crude oil rates have crossed $99 per barrel. The crude oil prices have touched this level for the first time since September 2014. Apart from the increase in crude oil prices, stock markets have tumbled in the United States, Europe, and Asia.

The Russian President declared two eastern provinces in Ukraine as independent countries on Monday night. This was followed by the deployment of the Russian military in those provinces. Western countries have claimed that this is nothing but an attack on Ukraine by Russia. This seems to have triggered extreme reactions in the international markets.

The crude oil prices jumped by more than 4% in the United States and London. Brent Crude traded in London at $99.34 per barrel higher by 5%, while WTI crude recorded a 4.5% jump to trade at $95 per barrel in the US.

The Russian stock market slumped by a whopping 6% after the announcement of the Russian President. Whereas the Russian currency Rouble weakened at 81 Roubles to a USD. This is the most significant drop in the last two years. The stock markets in the United States and Europe fell by nearly 1.5% to 2% and the stocks of Russian companies have taken the biggest hit. Asian markets also took a hit of 2-3%.