As three days of selling, global stock markets recovered in Europe and North America on Wednesday, while oil prices dropped from recent highs after the United Arab Emirates committed to increase its oil production.

On Wednesday, Moscow accused the US of declaring an economic war on it and said it was considering a retaliation to the US ban on Russian oil and energy imports.

Following Russia’s Feb. 24 invasion of Ukraine, Western nations placed sanctions on Russian enterprises, banks, individuals, and the central banking system, putting the country’s economy in the worst state since the fall of the Soviet Union in 1991.

On Wednesday, though, there were signals that the crisis might be cooling down, as Russian Foreign Minister Sergei Lavrov arrived.

Oil prices fell after UAE said it would support boosting supply into a market in disarray because of supply disruptions and sanctions on Russia. The international oil benchmark Brent crude settled 13.16% lower at $111.14 per barrel.

WIDESPREAD ECONOMIC CONSEQUENCES

Russian invasion and ensuing sanctions have sent prices soaring across commodities markets. Carmakers Porsche, Volkswagen and BMW all curtailing output because of a lack of supplies. The LME halted nickel trading on Tuesday after prices rocketed to over $100,000 a tonne.

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