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March 8, 2022
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Oil reached its highest value in 14 years due to possible blockade of Russian crude

Oil reached its highest value in 14 years due to possible blockade of Russian crude

Oil reached its highest value since 2008. Photo: File

The barrel of oil reached its highest price in 14 years in New York on Monday, after the United States considered the possibility of a total blockade of purchases of crude oil and gas from Russia, while gold closed at 2,000 dollars , in the context of the acute conflict in Ukraine.

The barrel of the WTI variety gained 3.6% and closed at 120 dollars; while the Brent rate rose 4.5% and was agreed at 123.40 dollars, according to figures reported in the New York Mercantile Exchange (NYMEX).

Oil jumped at the opening of the market after the news that the Joseph Biden administration was analyzing the ban on importing Russian crude, according to the Bloomberg agency. Prices fell after Germany said it has no plans to stop Russian energy imports, adding to market volatility.

Analysts believe that a total ban on imports of Russian crude oil could eliminate up to 4 million barrels per day from the market. Rising oil prices and supply fears are also driving up fuel prices, which is having a massive impact. directly on inflation.

The International Monetary Fund warned of serious consequences for the world economy.

US Secretary of State Antony Blinken had said over the weekend that the White House is in “very active discussions” with Europe about a ban to tighten economic pressure on Putin, but most buyers refuse. to accept it.

Analysts believe that the rise is linked to a total ban on imports of Russian crude Photo File
Analysts believe that the rise is linked to a total ban on imports of Russian crude. Photo: Archive

JPMorgan Chase & Co. forecast that a barrel of Brent could end the year at $185 a barrel if Russian shipments were disrupted.

Meanwhile, the nuclear deal with Iran is far from being finalized since the International Nuclear Energy Agency (IAEA) and Tehran have postponed decisions for the middle of the year, which distances the possibility of a contribution of some 2 million barrels per day. by the Persian regime.

At the same time, Libya reported on Monday that its production fell below one million barrels per day, due to an internal political crisis, which leads it to not be able to comply with its pact with the Organization of Petroleum Exporting Countries and its allies. (OPEC+).

Meanwhile, the price of natural gas was negotiated at 4.80 dollars with a drop of 4.3% per million BTU.

Finally, gold rose 1.7% and reached 2,000 dollars per ounce on Monday, after the upsurge of the conflict in Eastern Europe and the consequences on the prices of raw materials and its impact on inflation.



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