[이코노믹리뷰=김보배 기자] International oil prices hit an eight-year high. It is analyzed that the level of Russia’s invasion of Ukraine has risen.
At the New York Mercantile Exchange (NYMEX) local time on the 1st, the price of West Texas Intermediate (WTI) finished trading at $103.41, up $7.69 (8.03%) from the previous day. At the same time, the North Sea Brent crude oil at the London International Futures Exchange (ICE) in London surged by 7 dollars (7.15%) to 104.97 dollars per barrel.
After Russia invaded Ukraine on the 24th of last month, the international oil price crossed $100 during the day, but it stayed in the $90 range based on the closing price. However, on the same day, the closing price crossed the $100 mark as anxiety heightened as the Russian invasion of Ukraine continued.
Russia is the third largest oil producer in the world. Oil prices rose on fears that intensifying sanctions by Western countries over the invasion of Ukraine would cause serious imbalances in the global supply chain.
International Energy Agency (IEA) member states, including the United States, have agreed to release 60 million barrels of oil reserves to stabilize oil prices. This is a measure to send a unified and strong message to the international oil market that there will be no shortage of supply due to Russia’s invasion of Ukraine.
It is the first time since 2011 that member countries have agreed to release emergency oil, and the fourth since the Arab oil embargo system was established in 1974.
However, it is analyzed that it is not enough to catch oil prices that have soared in emissions. This is because these emissions are less than the world’s daily consumption.
