WTI Breaks Above $90 per Barrel for the First Time Since October 2014

[Asia Economy New York=Special Correspondent Joselgina] Following North Sea Brent crude oil, West Texas Intermediate (WTI) crude oil also surpassed $90 per barrel. This is the first time since 2014.

[Image source=Yonhap News]

On the 3rd (local time) at 2:47 PM, March delivery WTI crude oil prices on the New York Mercantile Exchange (NYMEX) were trading at $90.08 per barrel, up 2.06% from the previous session. This is the first time WTI has exceeded $90 since October 2014.

Brent crude oil, traded on the London ICE Futures Exchange, is also moving around $90.93, up 1.61%. Brent crude previously surpassed $90 per barrel on January 26. During the day, it briefly reached the $91 level.

This is interpreted as a result of increased geopolitical risks due to rising military tensions surrounding Ukraine. Experts predict that the geopolitical crisis, added to the oil supply and demand deterioration caused by the COVID-19 pandemic, along with continued high demand despite the spread of the Omicron variant, will sustain the price increase for the time being.

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