New York. The price of Texas intermediate oil (WTI) fell by 0.6% and stood at 109.27 dollars a barrel, hitting the brakes after the sharp increase in prices the day before.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in May, the new reference month, fell 0.70 dollars compared to the previous close.
US benchmark crude fell after soaring 7% yesterday on the chances that the European Union would veto Russian oil, a measure on which there was ultimately no agreement due to the great dependence of some nations.
market trend
The market remains concerned about the war in Ukraine, where pressure from Russian troops continues to mount and there appears to be no progress towards a ceasefire, despite Western economic sanctions against Moscow.
According to the firm Rystad Energy, the reduced supply of fuels is the biggest problem in the market, which was already tight before the conflict in Eastern Europe, so it is not ruled out that the price of crude oil will continue to climb to 130 dollars.
However, analyst Ed Moya, from the firm Oanda, pointed out that “two large economies, China and India, are still buying Russian oil and that will probably stop the recent rebound in prices.”
Natural gas rises
Elsewhere, natural gas contracts for April delivery rose almost 29 cents to $5.19 per thousand cubic feet, and gasoline contracts due the same month fell 4 cents to $3.33 a gallon.
