The barrel of petroleum Brent exceeded the barrier of US $ 110 this Wednesday and the US reference index WTI rose more than 5% in the midst of a rise in crude oil prices due to the Russian invasion of Ukraine.
The price of Brent increased by 4.88% to US$110.09 and that of West Texas Intermediate increased by 5.06% to US$108.64. In both cases they are the highest prices in more than seven years.
The invasion launched by Russian President Vladimir Putin has prompted Western countries and their allies to impose harsh sanctions against Moscow that, in retaliation, could cut off its fossil fuel exports.
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Russia is the world’s third largest oil producer.
The conflict fell at a time when prices were already rising due to reduced supply and a strong recovery in demand as world economies reopened from pandemic restrictions.
Investors will closely watch a meeting of the Organization of the Petroleum Exporting Countries and other major producers, including Russia, on Wednesday to discuss whether to increase output to temper rising prices.
