New York. The price of Texas intermediate oil (WTI) closed with a rise of 1.9%, to 91.91 dollars a barrel, due to fears that the escalation between Russia and Western powers could lead to an eventual cut in crude oil supply.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April added 1.70 dollars compared to the previous close.
Benchmark oil in the US rose after Putin recognized the independence of the self-proclaimed republics of Donetsk and Lugansk, on Ukrainian territory, and sent troops.
In reaction to this escalation, US President Joe Biden today announced a package of economic sanctions and threatened to impose more if the Russian escalation continues to escalate.
Russia is the second largest oil exporter after Saudi Arabia and the largest producer of natural gas.
