The price of Petroleum rose at the opening of the day due to the persistent concerns of investors in the face of geopolitical tensions between Russia and Ukraine.
Brent crude futures were up 1.78% to hit $97 a barrel in early market trading, according to data from Bloomberg. This is a maximum level not seen in 7 years.
Meanwhile, West Texas Intermediate (WTI) futures scored a strong rise of 3.22% and touched US $ 94 per barrel.
SIGHT: Petroperú denounced former officials involved in the irregular sale of S / 26 million in fuel
“Oil prices march higher again as optimism for a Biden-Putin meeting fades as OPEC+ continues to struggle to meet its quotas, which have largely created the world’s dire energy deficit.”, said Pratibha Thaker, of the Economist Intelligence Unit, according to the Reuters agency.
Ministers from Arab oil-producing countries said on Sunday that OPEC+ should stick to its current agreement to add 400,000 barrels a day of oil output each month, rejecting calls to pump more crude to ease pressure on prices.
The possibility of more than a million barrels a day of Iranian crude returning to the market has limited further gains so far, although oil is very close to the $100 threshold.
