New York. The price of Texas Intermediate (WTI) oil rose 1.7% to $104.7 a barrel after Russian President Vladimir Putin accused kyiv of trying to bog down negotiations to end the Ukraine invasion.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April added 1.72 dollars compared to the previous close. This rise comes after the price of black gold soared more than 8% yesterday after the first information about the stagnation of talks between Russia and Ukraine, which makes investors fear a lengthening of the conflict that could affect supply of oil.
The Russian president confirmed the disagreements between the delegations of both countries. According to the Kremlin, the Russian president told German Chancellor Olaf Scholz during a telephone call that “the kyiv regime aspires to bog down the negotiation process as much as possible by presenting new unrealistic proposals every time.” However, these last two days of increases have not been enough to erase the losses registered between Monday and Wednesday, so that in the weekly global WTI it left 4.2% in the week, from the 109.33 that it marked at the close from last Friday.
The International Energy Agency (IEA) warned on Wednesday that there is a risk of an oil crisis from spring due to the Russian invasion of Ukraine and put pressure on OPEC, which has so far not shown willingness to compensate in the market the losses of Russian crude oil. In its monthly report, the IEA assumes that as of April 3 of the 8 million barrels a day that Russia exports will disappear. “If the Russians do not find a way to circumvent the sanctions , oil prices will soon reach new highs,” said Manish Raj, CFO of Velandera Energy Partners, quoted by Market Watch.
