Singapore (dpa)
Oil prices started trading on Tuesday with a new rise, in light of statements by US officials when studying the possibility of imposing a ban on Russia’s export of oil and natural gas, as part of a series of US sanctions against Moscow over the invasion of Ukraine.
And the prices of US crude futures rose in early trading on the New York Mercantile Exchange to more than $ 121 a barrel, after hitting its highest level since 2008 yesterday.
And the repercussions of the Russian war against Ukraine continue to affect commodity markets in the world, from wheat to nickel and natural gas, as prices have risen, threatening the global economy with a strong inflation wave. Thursday before last, at a time when traders and investment banks bet on the continuation of rising prices.
And Nancy Pelosi, the Speaker of the US House of Representatives, said last Sunday that the House is considering passing “strong legislation” to prevent Russia from exporting its oil and natural gas production, with the aim of increasing economic pressure on President Vladimir Putin’s regime.
On the other hand, there is division among the governments of the European Union countries regarding this step due to the large dependence of European countries on energy supplies coming from Russia, especially natural gas, which covers about a third of their needs.
French energy giant Total Energy became the first major energy company to announce that its traders would no longer be able to buy Russian crude, although most buyers have already refrained from buying crude for fear of the development of Western sanctions against Russia.
The price of West Texas Intermediate crude, the benchmark for American oil, rose by 2% to $ 121.78 a barrel for next April delivery, in New York trading at 5:33 am London time, after its rise yesterday by 3.2%.