May 21, 2022

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Oil has a new rise and is already above $ 130

Oil prices rose again this Tuesday (8), topping $ 130 in the middle Western nations have announced new sanctions and boycotts Against Russia. At 2:15 pm (GMT), the Brent oil barrel was up 6.84% to $ 131.64 – the highest level in 14 years since nominal (ie excluding inflation) 2008.

U.S. oil WTI (West Texas Intermediate) rose 7.69% to $ 128.58.

Previously, the President of the United States, Joe Biden, Russia announces embargo on oil, gas and energy imports – in response to the 13-day invasion of Ukraine. “The United States will target the main artery of Russia’s economy, which means Russian oil will no longer be accepted in U.S. ports,” he said.

However, Biden acknowledged that the decision would cost the American people dearly.

“War [Vladimir] Putin has already hit the American family at the fuel pump. Since Putin began to climb in Ukraine, the price of fuel has risen by 75 cents. With this move, it will continue to rise, “he warned, adding that it would release 60 million barrels from US reserves in an effort to curb inflation.

Shortly afterwards, the UK reported the same Gradually eliminate imports of oil and oil products from Russia Until the end of this year.

Effects in Brazil

The war between Russia and Ukraine will have a further impact – soon – on prices Fuels In Brazil. Experts interviewed by last week UOL Regardless of the time of the conflict, it is already assumed that the price of a barrel of oil will still be above $ 100 for a few more months. Petroprose This rise cannot be overcome, especially if the dollar rises again.

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But is it possible for a liter of petrol, for example, to reach R $ 10?

Gilherm Morera, IPC (Consumer Price Index) Coordinator Economist at File (Economic Research Institute Foundation) Believe that it is not “absurd” to think so, At least in some Brazilian cities. For example, on the 2nd, the Brent barrel traded at $ 111, indicating a 44% increase over the December price. On the other hand, the real value against the dollar has increased by 10%.

“If simple subtraction is done, there is still 34% left [de diferença]. For example, in places like Rio de Janeiro, if petrol is already above R $ 7, a 30% increase will increase the price to almost R $ 10, ”he says. [correrá] If everything is like today. But we know that the value of the dollar will rise, which will lead to this increase, “he added.

Andre Bros., IPC economist and coordinator at the Ibre / FGV (Fundação Getulio Vargas’s Brazilian Institute of Economics), thinks values ​​are unpredictable, but agrees that an increase is inevitable “because the situation is so different.” “And Brazil is still recovering from the effects of the Covit-19 epidemic.

“It depends a little bit on the value of our currency, which can further reduce inflation. But it will also certainly affect inflation through agriculture. We have already seen international prices for corn, soybeans and wheat. It can pollute the price of meat. It’s snowball, one price pulls another,” he explains.

(With Reuters)