Its price is currently $103.41 per barrel
EFE, NEW YORK
The price of West Texas Intermediate (WTI) crude oil surged 8% on Tuesday to $103.41 a barrel, driven by developments in the war in Ukraine, and despite the decision by several major producers to release part of their strategic reserves.
According to data at the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for April delivery added $7.69 compared to the previous close.
oil 's invasion of Ukraine, now in its sixth day, and the West's harsh economic sanctions against Moscow.
Throughout the day, the price of black gold rose by more than 11%, exceeding $106 a barrel
The International Energy Agency (IEA) agreed on Tuesday to release 60 million barrels of oil from its members' strategic reserves worldwide to ensure there will be no supply problems following Russia's invasion of Ukraine.
"The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of recovery," the IEA said in a statement.
Before the start of the conflict in Eastern Europe, the market was already tight due to the growing energy demand resulting from the global exit from the Covid-19 crisis and the limited supply.
Meanwhile, the OPEC+ alliance countries, including Russia, are meeting this Wednesday to review their policy on increasing monthly production for April.
Meanwhile, natural gas contracts for April delivery rose 17 cents to $4.57 per thousand cubic feet, and gasoline contracts expiring the same month climbed 15 cents to $3.08 per gallon.
