New York. The price of Texas Intermediate Oil (WTI) closed up 2.3% to $90.27, hitting a high not seen since October 2014.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in March added 2.01 dollars compared to the close of the previous session.
Benchmark oil in the US has soared nearly 20% this year due to tensions between the West and Russia due to the crisis around Ukraine, as well as the global rebound in consumption as covid-19 restrictions are eased.
Yesterday morning, the market seemed to bet on taking profits, but then there was again upward pressure due to the arrival of winter temperatures in the south of the US and the possible production stoppages that it causes, according to experts.
“It looks like $100 oil is not too far in the distant future and that will continue to generate mounting pressure from leaders around the world for OPEC+ to deliver more supply,” said analyst Edward Moya of Oanda. The OPEC + alliance decided to stick to its plan to increase production by 400,000 barrels per day in March to reverse the historical cut of 020, although analysts doubt its ability to meet the quotas.
