texas intermediate oil price (WTI) closed this Thursday with a gain of 0.7% and $83.49 . stayed on A barrel as Russia intensifies its war effort 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 to the dollar compared to the previous close.
for its part, The price of a barrel of Brent oil for delivery in October ended at $90.37 in the London futures market. 0.60% higher than at the end of the previous session.
Benchmark North Sea crude in Europe ended the day higher by $0.54 on international exchange futures, when it closed at $89.83.
Crude recovered the previous day’s losses as Russia moved forward with its largest recruitment since World War II. Concerns have been raised that the escalation of the war in Ukraine could lead to further loss of supplies.
Putin put the Russians on a war footing Wednesday by ordering a partial mobilization of 300,000 reservists for the war in Ukraine, a measure called “nuclear blackmail” by NATO that aims to “destroy” Russia.
At the start of the war in Ukraine, crude was pushed to $120 a barrel. US benchmark oil closed down more than 1% this Wednesday after the Fed announced a 75 basis points hike in rates to control inflation and predicted it would follow that policy.
for its part, The Bank of England on Thursday raised interest rates in the United Kingdom by 0.50 percentage points to 2.25%, the highest level since December 2008.
Investors fear aggressive central banks will hurt consumer spending, including fuel, and push the economy into a more widespread recession. The October natural gas futures contract fell by 69 cents to $7.08, and gasoline futures rose 2 cents to $2.51 a gallon in the same month.