With information from Efe
The price of Texas Intermediate (WTI) oil ended the week higher, rising 1.7% to $104.7 a barrel, after Russian President Vladimir Putin accused kyiv of trying to bog down negotiations to put end the invasion of Ukraine.
According to the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April added 1.72% compared to the previous close.
This rise comes after the price of hydrocarbons shot up more than 8% yesterday after the first information about the stagnation of the talks between Russia and Ukraine, which makes investors fear a lengthening of the conflict that could affect the supply of Petroleum.
However, these last two days of increases have not been enough to erase the losses recorded between Monday and Wednesday, so that in the weekly global WTI fell 4.2% in the week, from US $ 109 .33 that it marked at the close of last Friday.
The International Energy Agency (IEA) warned on Wednesday that there is a risk of an oil crisis from spring due to the Russian invasion of Ukraine and put pressure on OPEC, which has so far not shown willingness to compensate in the market the losses of Russian crude.
In its monthly report, the IEA assumes that as of April three of the eight million barrels per day that Russia exports will disappear.
“If the Russians don’t find a way around the sanctions, oil prices will soon hit new highs,” Velandera Energy Partners CFO Manish Raj was quoted as saying by Market Watch.
Source: Larepublica
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