New York, (EFE) – The price of Texas intermediate oil (WTI) closed this Tuesday with an increase of 1.9%, to 91.91 dollars a barrel, due to fears that the escalation between Russia and Western powers could lead to an eventual cut in the supply of crude oil.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April added 1.70 dollars compared to the previous close.
Benchmark oil in the US rose after Putin recognized the independence of the self-proclaimed republics of Donetsk and Lugansk, on Ukrainian territory, and sent troops.
In reaction to this escalation, US President Joe Biden today announced a package of economic sanctions and threatened to impose more if the Russian escalation continues to escalate.
Russia is the second largest oil exporter after Saudi Arabia and the largest producer of natural gas.
However, several analysts consider that the increase in prices in the face of the new chapter in tensions has not been very pronounced, which would indicate that the markets do not consider the possibility that oil and gas flows could be seriously affected by the crisis.
“The lack of response in prices emphasizes that the market is not taking seriously the threat that Russian oil and natural gas flows will be sanctioned or cut off by a war,” said Troy Vincent, an expert at the firm DTN, quoted by the specialized website Market Watch.
Meanwhile, natural gas contracts for April delivery added more than 8 cents to $4.461 per 1,000 cubic feet, and gasoline contracts due the same month rose 4 cents to $2.85 a gallon. .
