Oil Keeps edging higher by the day as The United States of America (US) Moves a step closer to ban Russia crude oil.
The invasion in Ukraine by Russia has sparked sanctions on Russia that are causing the price of oil to surge to new highs. Oil has made a 30% bullish movement since the invasion and traders speculate that the price could continue to climb.
Rising Oil prices will have a direct impact on the fuel prices and affect the cost of transporting goods and services which could in turn cause the general prices to increase.
The reserve bank is likely to increase interest rate later this month due to high inflation expectations. South Africans could see a large interest rate increase and further rate increases during the year if things escalate.