Similarly, the oil Brent of the North Sea, of reference for Argentina, falls 10.3% and the barrel is agreed at US$114.75.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) reported that its crude oil basket closed yesterday at US$127.93 a barrel, compared to US$126.51 last Monday, which represented an increase of 1.12%.
JP analysts. Morgan said that in the past two weeks the war has caused the highest inflation in commodity prices in more than 60 years.
In that framework, European stocks rose to almost 8% as investors took a break after three days of selling, while crude oil prices provide some relief.
US bans import of Russian oil
President Joe Biden on Tuesday decreed an embargo on US imports of Russian oil and gasto increase the sanctions imposed on Russia and “deal another heavy blow” to President Vladimir Putin.
almost simultaneously, The UK announced that it will suspend energy imports from Russia before the end of 2022. And in Brussels, the European Union (EU) announced that it intends to cut its gas imports from Russia by two-thirds this year, ahead of a bloc summit to examine how to end dependence on Russian hydrocarbons.
This decision was made “in close coordination” with the allies of the United States, Biden specified and expanded: “We will not contribute to subsidizing Putin’s war.”
For now, Europe refuses to impose an embargo on these Russian imports, which cover 40% of its needs for natural gas and 30% for oil. The United States is a net exporter of energy, that is, it produces more oil and gas than it consumes, Biden recalled. “We can make this decision while others can’t,” he said.
“But we are working closely with Europe and our partners to put in place a long-term strategy to reduce their dependence on Russian energy,” he said. He is well aware that this strategy could benefit the United States, which exports liquefied natural gas to Europe, a possible alternative to Russian gas.
“We remain united in our intention to maintain increasing pressure on Putin and his war machine,” added the US head of state.
Source: Ambito
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