Jakarta –
Oil prices continued to rise to the level of US$ 116 per barrel. This price is up 7% compared to the previous day.
Quoted by Reuters on Tuesday (22/3/2022), it was stated that this increase was due to the discussion of the threat of an oil embargo from the European Union against Russia and concerns about the disruption of Saudi oil facilities.
Indeed, several foreign ministers of countries that are members of the European Union are divided and confused about whether to join the United States (US) in embargoing Russian oil.
Germany revealed that they are very dependent on the Russian-made fuel. Commerzbank analyst Carsten Fritsch said this is still not clear. “This decision requires solidarity,” he said, quoted by Reuters on Tuesday (22/3/2022).
The price of Brent crude oil rose to US $ 115.88 per barrel. Then the price of US West Texas Intermediate crude oil fell to US $ 112.02.
Oil prices were pressured by the strengthening US dollar on Monday due to monetary tightening by the Federal Reserve.
PVM broker Tamas Varga said that a strong US dollar made crude oil more expensive. So that other countries are very depressed.
Earlier this month the price of Brent crude oil reached US $ 139 per barrel. This is the highest number since 2008.
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