World: War in Ukraine,barrel of oil goes from 104 to 113.02 USD in one week on the international market
The consequences of Russian military operations in Ukraine are likely to be disastrous for the global economy.
On the sixth day of the war in Ukraine, crude oil prices continued to soar on the international market.
The West Texas Intermediate (WTI), also called Texas Light Sweet which is a variation of crude oil serving as a standard in the fixing of the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange ), the stock market specializing in energy, rose on Wednesday to 111.50 US dollars. A record since 2013.
On the London market, Brent or North Sea crude, a variation of crude oil serving as a benchmark in Europe, listed on the InterContinental Exchange (ICE), has become the first international standard for setting oil prices from the North Sea. It reached US$113.02, the highest level since 2014.
The WTI recorded an increase of 6.93% while the Brent, meanwhile, rose by 7.09%.
The European reference price for natural gas (the Dutch TTF) also soared on Wednesday March 2, 2022, to peak at 194.715 euros per megawatt hour (MWh). A historic high, and the price of British gas was moving very close to its historic high of December 2021.
Meanwhile, the Russian forces are continuing their offensive on several cities in Ukraine, notably in Kharkiv, with the dispatch of airborne troops.
It should be remembered that Russia is the second largest exporter of crude oil in the world and represents more than 40% of the European Union’s annual natural gas imports.
