Texas oil rises 0.7% to close at .49 a barrel

Texas oil rises 0.7% to close at $83.49 a barrel

New York, Sep 22 (EFE) .- The price of Texas intermediate oil (WTI) closed this Thursday with a rise of 0.7% and stood at 83.49 dollars a barrel as Russia increases its war efforts in Ukraine, raising supply concerns.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in October added 55 cents on the dollar compared to the previous closing.

Benchmark U.S. crude recovered much of the previous day’s losses as Russia pressed ahead with its biggest recruitment since World War Two, raising concerns that an escalation of the war in Ukraine could further damage supply.

Putin yesterday put the Russians on a war footing by decreeing the partial mobilization of 300,000 reservists for the war in Ukraine, a measure that seeks to counteract what he called “nuclear blackmail” by NATO, which intends to “destroy” Russia.

At the start of the war in Ukraine, crude oil was pushed to $120 a barrel.

Yesterday, the US benchmark oil closed down more than 1% after the Fed announced a 75 basis point hike in rates to control inflation and anticipated that it would follow that policy.

For its part, the Bank of England raised interest rates in the United Kingdom by 0.50 percentage points this Thursday, to 2.25%, its highest level since December 2008.

Investors fear that aggressive central banks will hurt consumer spending, including on fuel, and push the economy into recession more broadly.

October natural gas futures contracts shed 69 cents to $7.08, and gasoline futures due the same month added 2 cents to $2.51 a gallon.

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(c) EFE Agency

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