Oil prices moderated their strong rise on Tuesday in the wake of the announcement of US sanctions against Russia, after a momentary flare that brought the price of Brent close to the symbolic barrier of US $ 100.
The price of a barrel of Brent from the North Sea for delivery in April ended up 1.52% at US$96.84, having reached US$99.50 per barrel on the day.
In New York, a barrel of West Texas Intermediate (WTI) for March delivery closed up 1.40% at $92.35 after rising 4.86% to $95.50.
The two references of black gold also reached new records in seven years in the session but the curve softened after the announcement of US sanctions made by President Joe Biden.
As Russian President Vladimir Putin defied Western countries by ordering his troops into breakaway territories in eastern Ukraine, the White House announced sanctions against banks and “Russian elites.”
“These sanctions are not strong enough to stop Russian crude exports, so we have minimal reaction to rising prices,” explained James Williams of WTRG Economics.
Williams stressed that prices would have reacted more strongly to the rise if the sanctions, for example, had excluded Russia from the international Swift payments system, prohibiting it from trading for the export of its oil.
The second world exporter of crude oil and the first of natural gas, Russia exports “five million barrels of crude oil per day, of which a third goes to China and half to Europe,” the analyst recalled.
AFP
Source: Larepublica
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