The oil prices They were operating in a narrow range this Monday that led them to constantly change their trend, in full agitation over fears of limited supply in the Middle East and the possibility of an open conflict between Ukraine and Russia that could involve Western allies.
At 12:30 GMT, benchmark futures Brent They added just 0.09% to $87.97 a barrel, while US WTI crude oil futures were down 0.05% at $85.11 a barrel.
Both contracts accumulate a 10% profit since the beginning of the year.
“Oil prices benefit from supply risks and geopolitical tensions,” said Commerzbank analyst Carsten Fritsch.
“A further escalation of the conflict in Ukraine and the tense security situation in the Middle East justify a risk premium on the price of oil because the countries involved, Russia and the United Arab Emirates, are important members of the OPEC+“, he declared.
This week, investors around the world are folding into lower-risk assets, in a general sell-off in which they anticipate tighter financing conditions, as the Federal Reserve prepares to raise his interest rates in March.
Meanwhile, tensions in Ukraine have been rising for months after the Kremlin massed troops near its borders, stoking fears of supply disruptions in eastern Europe.
The Department of State The US has announced that it will order the relatives of its diplomats to leave Ukraine, in a further sign that the OTAN is preparing for an eventual Russian attack.