Oil rises to US$103.41 a barrel in NY

New York. The price of Texas Intermediate Oil (WTI) soared 8% this Tuesday and stood at 103.41 dollars a barrel, due to the evolution of the war in Ukraine.

The increase came despite the decision of several large producers to release part of their strategic reserves. According to end-of-trading data on the New York Mercantile Exchange, WTI futures contracts for April delivery added $7.69 from the previous close. US benchmark oil ended the session at an eight-year high, on fears of a potential reduction in global energy supply stemming from the Russian invasion of Ukraine, now in its sixth day, and harsh Western economic sanctions. against Moscow. Throughout the day, the price of black gold rose more than 11%, exceeding 106 dollars a barrel. The International Energy Agency agreed on Tuesday to release 60 million barrels of oil from the strategic reserves of its members around the world to ensure that there will be no supply problems after the Russian invasion of Ukraine.