The day of Yesterday – Wednesday, March 23 – the price of crude oil crashed following Vladimir Putin announced that, from now on, Russia will limit itself to selling its fossil fuels to nations that pay in rubles – Russian local currency – as a consequence to the sanctions established by the “unfriendly countries”.
One day following the forceful message from the Russian leader, the price of crude oil begins to decline. For the followingnoon of this Thursday, March 24the cost of Brent and West Texas Intermediate (WTI) crude oil fell by two percent, however, it is still above one hundred dollars per barrel.
Prices of a barrel of Brent and Texas oil today, March 24: how much does it cost and how much is it quoted?
According to figures from Oil Price Chartrenowned website that is responsible for gathering more than 150 oil indices and mixtures worldwideAt 15:30 ET this Thursday, the price of a barrel of West Texas Intermediate crude oil is $111.08, while a barrel of Brent crude oil is at $117.69.
The price of WTI and Brent crude during the day yesterday, at approximately the same time, it was $114.14 dollars and $120.95 dollars per barrel, respectively.
Although the price is already going down, any movement might cause another crash, so experts on the subject have already begun to express their concern, especially if a barrel of crude oil exceeds 200 dollars, as this might lead to new recession.
“We estimate that it would take a sustained increase in the price of oil to $200 per barrel to produce a revenue shock similar in magnitude to that which precipitated the recessions of 1974 and 1979and this would significantly increase the odds of a 2022 recession″, said the chief economist of Goldman Sachs according to information collected by América Retail.
