The strength in the US dollar seems to be weighing across assets and crude oil prices have come off because of that.
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The US has flagged aggressive tightening and even as the meeting is in this week with the European Union, NATO and US, there is more likelihood of not seeing a ban on Russian oil and gas from the European Union.
The 27 nation European Union relies on Russia for 25 percent of their oil and 40 percent of gas and they may not go ahead with and that is the reason some profit-taking is coming on the prices.
A similar scenario for metal prices also, the strength in US dollar is weighing on the metal, so half a percent to a percentage point of a decline in metals and gold and silver trading at a one week low because of that.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.