The oil price Texas Intermediate (WTI) rose 2.6% this Friday and closed at $79.56 a barrel, after Russia warned that it could reduce oil extraction by 5-6% due to the price cap of 60 Dollars per barrel imposed on its crude by the European Unionthe G7 Y Australia as a sanction for the invasion of Ukraine.
At the close of business in NYWTI futures contracts for delivery in February gained $2.07 compared to the close of the previous day and in the weekly computation its price rose around 7%.
Read: Fuel prices remain unchanged
“We are willing to partially reduce extractions. At the beginning of next year our reduction may be between 500,000 and 700,000 barrels per day,” Russian Deputy Prime Minister said. Alexander Novakin an interview with the state television network rossia 24.
He explained that this represents a decrease of between 5% and 6% of daily production.
“It is not a significant volume, but there is this risk,” he said. novakwhich reiterated that Russia will not supply oil and crude oil products to companies from countries that require contracts to comply with the ceiling price.
This Thursday the Russian president, Vladimir Putinannounced that “on Monday or Tuesday” of next week it will issue a decree with response measures to the imposition of a maximum price on Russian crude oil.
“Crude prices are higher as energy traders focus on Moscow’s response to the Russian oil price cap and not so much on the thousands of flight cancellations that will disrupt holiday travel,” he said. Edward Moiafirm analyst oandain reference to flight cancellations in USA by the winter storm that runs through the country from west to east.
You could read: US storm brings extensive uncertainty to vacation travel
On the other hand, futures contracts for natural gas for February they earned 5 cents, up to 4.98 dollars, and those of gasoline maturing in the same month they earned 13 cents, up to 2.39 dollars a gallon.
