Africa-Press – Angola. The price of oil traded higher this Tuesday, as the expectation of sanctions against Russian exports increased concerns about the availability of supply in the international market, also affecting the main European and American exchanges.
The barrel of Brent oil, which serves as a reference for Angola’s exports, rose 7.55 percent, trading at US$132.51, while WTI was up 8.18 percent, that is, around 129, 17 per barrel, when on Monday, the oil contract closed up 4.31 percent, at 123.21 dollars a barrel, after having reached another 10 dollars.
Yesterday, British oil giant Shell announced that it plans to gradually withdraw from Russian oil and gas in response to the Russian invasion of Ukraine, while the United States of America is still discussing with other countries a mass ban on oil imports as a result of the conflict started by it.
Germany, the biggest buyer of Russian crude, has rejected plans for an energy embargo, while other European allies and Japan are studying the possibility of banning Russian oil imports. Russia warned on Monday that it could stop the flow of natural gas through gas pipelines from Russia to Germany in response to Berlin’s decision last month to halt the opening of the controversial new Nord Stream 2 pipeline.
If all Russian oil exports are blocked from global markets, analysts said prices could rise to $200 a barrel. The economic impact of the war in Ukraine destabilizes stock markets and causes commodity prices to soar.
European stocks returned to operate lower this Tuesday, the 8th, after the sequence of losses. The Frankfurt Stock Exchange fell 0.53 percent, Paris, 0.46 percent, and London, 0.40 percent. The Madrid stock exchange rose 1.47 percent.
In the US, the Dow was down 0.38 percent close, while the Nasdaq was down 0.94 percent. The day before, European equities were down 20 percent or more from their highs due to the imminent possibility of a ban on Russian oil imports. Wall Street’s major indices had mixed performance, with small swings.
The Tokyo Stock Exchange ended yesterday’s session down 1.71 percent. In China, the CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, dropped 2.01 percent, the lowest since July 1, 2020. The Shanghai index fell by 2.35 percent, the lowest level since 4 November 2020.
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