Ukraine crisis hits commodity prices with Singapore, global economy bracing for fallout

Brent, the global benchmark for crude oil, is only a couple of dollars away from US$100 per barrel. PHOTO: REUTERS
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SINGAPORE - Oil rose to near US$100 a barrel and nickel jumped to its highest price in a decade on Tuesday (Feb 22), after Russia recognised two separatist republics in eastern Ukraine and ordered its troops to enter the breakaway regions.

Surging commodity prices amid fears of war in Europe can diminish the sanguine outlook for economic growth worldwide, including in Singapore, analysts said.

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