Oil prices in New York and London closed on Monday, first trading day of the week, with strong rises in their indicators, marked by high market volatility, traders reported. In New York, Texas Intermediate Crude (WTI), the benchmark in the United States, closed the session at .40 a barrel, for a rise of .72, that is, 3.2 percent.
Similarly, in London, Brent oil, the benchmark in Europe, advanced 5.03 dollars, 4.26 percent, and stood at 123.21 dollars per barrel.
Market sources agreed that both types of light crude rose in a volatile session, marked by the war in Ukraine and the economic sanctions of Western countries against Russia.
During the day, the prices of the so-called “black gold” experienced notable variations, going from values not seen since 2008, to moderating the advance, even entering negative territory, to finally conclude with notable gains.
The spiral of prices also reaches natural gas and gasoline, which have registered the highest levels in a decade, both in the United States and in Europe, experts commented.
Given the announcements on Monday from the West that it is weighing the possibility of banning Russian oil and gas imports in a coordinated manner, Moscow warned of the catastrophic consequences that this would have for the market.
In this regard, the Russian Deputy Prime Minister for Energy, Alexander Novak, said the price increase could be unpredictable and reach more than $300 a barrel or more.
That country is one of the leaders in the export of crude oil and petroleum products at a global level.
According to analysts, oil and its international prices are attracting more and more attention, due to the importance of this raw material, the pivot of income and economic development of many nations.
Prensa Latina
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