New York. ANDThe price of Texas Intermediate Oil (WTI) rose 7.1% on Monday and stood at 112.12 dollars a barrel due to the prospect that the European Union will veto Russia’s crude in a new retaliation for its invasion of Ukraine.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in April totaled 7.42 dollars compared to the previous close.
Benchmark US crude started the day with a strong rise and ended at its highest price in a couple of weeks, also influenced by the expiration of contracts for April, which will take place at the close of tomorrow’s session. According to analysts, the main factor of movement has been the possibility that the European Union sanctions Russian oil exports as a new measure of pressure and punishment on Russia.
