WTI oil breaks all forecasts and exceeds 110 dollars per barrel

With information from EFE

The price of Texas Oil Intermediate (WTI) It shot up 6.6% this Wednesday at the opening and reached $110.29 after the decision of the OPEC+ alliance to maintain its plan to gradually increase production.

At 14:05 GMT (09:05 Peruvian time) on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April totaled 6.88 dollars per barrel compared to the close of the previous day, in which they ended with an increase of 8%.

The benchmark barrel in the US has risen sharply since the war in Ukraine began last Thursday and is at a price not seen since 2013 due to risks to energy supply in a market that was already very tight before of the conflict.

“The current realistic scenario is that a large part of Russian crude, as well as its refined oil products, will not be palpable in the market and will create a supply deficit for the duration of the armed conflict,” explained analyst Louise Dickson, of Rystad Energy firm.

OPEC and its allies, including Russia, confirmed today that in April they will add 400,000 barrels per day of crude oil to their supplies, a modest increase that they agreed to in July last year, considering that the current volatility is not due to market fundamentals. .

On Tuesday, the International Energy Agency (IEA) agreed to release 60 million barrels of oil from the strategic reserves of its members around the world to ensure that there will be no supply problems after the Russian invasion of Ukraine.

Analysts have considered that the amount of emergency barrels released will be “a drop in the ocean”, and they also expect a new weekly drop in US commercial crude oil reserves, according to employer data collected by the firm Oanda.

The Texas today reached 112 dollars before the opening but then moderated, coinciding with information suggesting that the US Federal Reserve maintains its intention to approve a rise in interest rates this month despite geopolitical uncertainty.