The prices of Petroleum they rise again, increasing about 4%. Oil prices have been volatile, supported by concerns that the European Union will ban Russian oil, pressured by fears that the resurgence of the COVID-19 pandemic will reduce global demand.
“An EU embargo, if fully enacted, could take around 3 million bpd (barrels per day) of Russian oil offline, which will completely disrupt and ultimately change global trade flows, causing market panic and extreme price volatility”, said Luisa Dickson, an analyst at Rystad Energy, according to Al-Jazeera.
On the other hand, this week Russia began imposing sanctions on several European energy companiesraising even more supply concerns.
Prices of a barrel of Brent and Texas oil today, May 14: how much does it cost and how much is it quoted?
According to Oil Price Charts, a renowned website that has more than 150 oil indices and mixtures worldwide, with the market closed, the price of Brent rose $4.10, or 3.82 percent, to settle at $111.55 a barrel. In the meantime, US West Texas Intermediate (WTI) crude rose $4.36 dollars, or 4.11%, trading at $110.49 a barrel.
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Over the past 30 days, WTI has gone from a low of $98.54 to a high of $110.49. Friday’s close was the highest for WTI since March 25 and its third consecutive weekly rise. Meanwhile, Brent fell for the first time in three weeks.
As volatility continues in the energy market, US gasoline prices continue to hit new all-time highs every day, with a national average of $4,452 per gallon of regular grade gasoline, according to AAA this May 14.
In the country, there are already few states that register prices below $4 dollars. The entities that register the lowest prices today are: Georgia ($3,971), Kansas ($3,988), Oklahoma ($4,004), Arkansas ($4,036) and Missouri ($4,040). Meanwhile, the states with the highest prices are California ($5,926), Hawaii ($5,322), and Nevada ($5,161).