The price of its barrel crude oil West Texas Intermediate (WTI) is jumping, which exceeded 6%in trade in Asia so far, as markets seem to be increasingly concerned about the possibility of an energy crisis following new Western sanctions imposed on Russia over its invasion of Ukraine.
The price of the barrel increased by 6.27%, to 97.33 dollars, around 06:45 (Greek time), while that of the barrel Brent rose 5.24%στα $ 103.06.
The United States and the European Union have announced that they are excluding some major Russian banks from the international SWIFT interbank payment system and have personally targeted Russian President Vladimir Putin and Foreign Minister Sergei Lavrov.
The European Union has also banned all transactions with the Russian central bank, which has led to in free fall the ruble: According to the Bloomberg news agency, it fell by almost 30% in the international foreign exchange markets early today. The ruble fell almost 27%, to 114.33: 1 against the US dollar, in the first transactions in the international financial markets, the Bloomberg news agency reported. According to the latest data, the drop reached up to 40%.
“The exclusion of some Russian banks from SWIFT could disrupt the oil supply, as buyers and sellers will want to see where we stand with the new rules,” said Andy Lipau, president of Lipow Oil Associates in Houston.
The markets will closely follow the OPEC + summit the day after Wednesday, a group in which the thirteen member states of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and their ten partners, led by Russia, participate. It is expected to discuss plans to increase production.
The agency has already agreed to gradually increase production every month, but the Ukrainian crisis is not ruled out to overturn any planning that had been made before the outbreak.
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