Africa-Press – Angola. The price of a barrel of oil from American WTI rose above 110 dollars on Wednesday, a record since 2013, pushed by the war in Ukraine which continues to fuel fears about the supply of this crucial raw material.
Around 0730 GMT, West Texas Intermediate (WTI) hit $110.18 a barrel, hours after Brent also broke above the $110 threshold.
Brent rose to $111.78 a barrel.
The invasion of Ukraine by Vladimir Putin’s Russia led the European Union and the United States in the lead to impose strong sanctions on Moscow, fueling fears that Russian exports could be cut off.
Russia is the second largest crude oil exporter in the world.
“Supply chain issues and inflationary pressures remain the top concern for many investors around the world,” said Andy McCormick, analyst at T. Rowe Price.
The International Energy Agency (IEA), however, announced on Tuesday that its member countries would release 60 million barrels of oil from their emergency reserves to stabilize the market.
Of this total, 30 million will be released by the United States, said US President Joe Biden.
The Russian-Ukrainian conflict comes at a time when crude prices were already soaring due to insufficient supply and a strong recovery in demand around the world caused by the lifting, in many many countries, health restrictions imposed to fight against the coronavirus pandemic.
An OPEC+ meeting, in which Russia will participate, will be held on Wednesday. Despite the surge in prices, analysts are counting on a renewal of the cautious strategy of the cartel made up of thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their ten allies led by Moscow.
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