New York, (EFE) – The price of intermediate oil from Texas (WTI) closed this Thursday with a fall of 2.46% and stood at 106.02 dollars a barrel despite the significant rise with which it opened the day, a pronounced variation due to the volatility that has gripped the markets since the invasion of Ukraine by Russian forces.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April fell 2.68 dollars from the previous close.
The US reference barrel thus continues with a week of great volatility in which it has gone from the peak of 130 dollars recorded on Sunday, a maximum not seen since the summer of 2008, to 103.6 dollars at its lowest point recorded during the yesterday’s day.
After the biggest drop in two years recorded on Wednesday, investors tried this Thursday to reach a conclusion about the possible alterations in the supply of crude oil, marked by the veto on imports of Russian crude announced by the United States.
The market is trying to understand how this gap can be compensated, which could be partially neutralized with an increase in production announced by the United Arab Emirates, although analysts point out that the OPEC countries and their partners will have to do the same.
“The unilateral increase of the Emirates without Saudi participation would not be at all sufficient to cover the deficiencies, real or perceived, in the market,” said expert Louise Dickson, of the firm Rystad Energy, in a note.
On the other hand, the president of Russia, Vladimir Putin, announced in a meeting of his government that his country will continue to fulfill its contractual obligations in terms of supplying energy raw materials to other countries, which calmed the market in part.
Since Russia began its invasion of Ukraine almost two weeks ago, and following harsh sanctions by Western countries on its economy and financial system, fuel prices have soared on fears of global supply shortages.
Meanwhile, natural gas contracts for April delivery added more than 10 cents to $4.63 per thousand cubic feet, and gasoline contracts due the same month were down nearly 14 cents to $3.15 per thousand cubic feet. gallon.