Asian stocks fall, oil prices rise on Ukraine invasion fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are lower and oil prices have risen amid concern about a possible Russian invasion of Ukraine. Tokyo’s benchmark index lost 2.6%. Shanghai, Hong Kong and Seoul also retreated. On Wall Street, the benchmark S&P 500 index tumbled 1.9% after the White House encouraged Americans to leave Ukraine within 48 hours. Other governments including Russia were pulling diplomats and their citizens out of the country. Russia is one of the biggest oil producers. Any military action that disrupts supplies could send shockwaves through global energy markets and industry. Investors already were on edge about Federal Reserve plans to wind down economic stimulus to cool inflation that is at a four-decade high.