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Crude is heading for its worst week in more than a decade: WTI barrel closed at $110.60

Crude is heading for its worst week in more than a decade: WTI barrel closed at $110.60

Black sunset. The prices of Petroleum They closed this Wednesday at the highest since 2011 for WTI and since 2014 for Brent, driven by the war in Ukraine, sanctions against Russia and fears about the supply of black gold.

A barrel of West Texas Intermediate (WTI) for April delivery rose 6.95% to $110.60, a peak since 2011 on the New York Stock Exchange. Meanwhile, North Sea Brent oil for May delivery jumped 7.58% to $112.93 to hit a 2014 high in London.

In the morning, the North American barrel, a reference for Peru and the countries of the region, had started the day at 110.29 dollars, before knowing the intentions of the United States FED to increase its reference rates in the future.

Oil rose on a spate of divestments from Russian oil assets by major companies and on expectations that the market will remain tight for months to come.

Although the energy sector was not specifically in the spotlight, the sanctions, which have targeted financial transactions and banks, have hampered the export capacity of Russia, which sent between 4 million and 5 million barrels of oil a day to worldwide, more than any other country apart from Saudi Arabia.

“The current realistic scenario is that a large part of Russian crude oil, as well as refined oil products, will become invisible in the market and will create a supply deficit for the duration of the armed conflict,” the Rystad Energy analyst told Reuters. Louise Dickson.

Relief in the form of more supply is unlikely in the short term. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, stuck to their long-term plan to increase production by just 400,000 barrels a day at a brief meeting on Wednesday.

Source: Larepublica

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