New York. The price of Texas Intermediate Oil (WTI) closed yesterday with a decrease of 2.03%, to 91.76 dollars a barrel.
It behaved like this on a day affected by a possible agreement with Iran that would increase the supply of crude oil, in addition to the geopolitical conflict in Eastern Europe.
WTI futures contracts for delivery in March subtracted 1.90 dollars from the previous close, according to data at the end of operations on the New York Mercantile Exchange (Nymex).
Talks on a nuclear deal with Iran, which are in their final phase, today led to a significant drop in prices, as the deal would lead to a global increase in oil flows.
“We reiterate our view that if a new agreement is reached, (Iran’s) exports will probably increase” by 500,000 barrels a day in the next six months, and a million barrels a day in the next year, noted a note from RBC Capital Markets analysis. However, rising tensions around the possibility of an invasion of Ukraine by Russian forces, which could disrupt the supply of “black gold”, limited WTI’s decline.
The US and Russia thing
The crisis between the US and Russia escalated a step further this Thursday with the expulsion by the Russian authorities of the “number two” of the US embassy in Moscow and renewed warnings from Washington that the Russian invasion of Ukraine could occur. “in days”.
Natural gas contracts for March delivery fell 23 cents, or 4.83%, to $4.49 per thousand cubic feet, and gasoline contracts due the same month fell three cents to $2.64 a gallon.
On the day of Wednesday the 16th, the price of WTI had closed with a rise of 1.7%, up to 93.66 dollars per barrel.
