In the New York crude oil market on the 11th, the international crude oil futures price temporarily rose as the oil-producing country Russia became wary of invading Ukraine and concerns about the supply of crude oil increased. It has risen to the $ 94 level per barrel for the first time in about 7 years and 4 months.
In the New York crude oil market on the 11th, the futures price of WTI, which is an international indicator of crude oil prices, temporarily rose to the $ 94 level per barrel for the first time in about 7 years and 4 months.
The main reason for this was that Russia's invasion of Ukraine could begin, including during the Beijing Olympics, which led to increased alertness and heightened concerns about the supply of crude oil.
In addition, while there is widespread belief that strong demand for crude oil will continue due to the global economic recovery, the recovery in production volume has not progressed.
WTI futures prices fell to the $ 62 level at the beginning of December last year due to caution about the new Coronavirus Omicron strain, but the spread of the Omicron strain has since led to demand for crude oil. From the view that the impact was limited, it turned upward.
If the price continues to rise, there are concerns about the impact on people's lives, such as gasoline prices in Japan.
Market officials said, "Information about the situation in Ukraine has influenced the recent trend of crude oil prices. There is a strong view that prices will continue to rise for the time being."