The price of Petroleum Texas Intermediate (WTI) opened this Tuesday with a rise of 0.36% to 114.56 dollars a barrel, continuing the bullish streak that began last Wednesday with the war from Ukraine background and the improvement of the situation in China.
At 0900 New York local time (1300 GMT), WTI futures contracts for June delivery were up $0.36 from the previous day’s close.
The Sevens Report firm points to the combination of “demand returning quickly (in China) once restrictions are lifted, coupled with the ongoing geopolitical tension surrounding Ukraine“, as the main factors that are pushing the price of Petroleum upward.
Shanghai authorities announced yesterday that they plan for life in the city to “completely” return to “normal” before the end of June, after a month and a half – in some areas, more than two months – of strict confinement in the face of its worst outbreak of coronavirus. covid since the start of the pandemic.
As for the situation of Ukrainethe foreign ministers of the European Union (EU) once again failed to provide the necessary political impetus for Hungary to lift its veto on sanctioning imports of Petroleum of Russia and carry out the sixth round of sanctions against Moscow for the invasion of Ukraine.
“We keep arguing; Unfortunately, today it has not been possible to reach an agreement to finalize the sixth package of sanctions”, reported yesterday the head of community diplomacy, Josep Borrell.
On the other hand, the Parliament of Finland has approved the formal request for entry of this Nordic country into NATO, announced yesterday by the Social Democratic Government after an extraordinary meeting; and Sweden is about to present its own at NATO headquarters in Brussels, a process that has increased tensions between Russia and the Atlantic alliance. EFE
