The price of crude oil soared Wednesday morning as Russian forces pushed into Ukraine, with futures for international benchmark Brent crude topping out at more than $113 a barrel.
Futures for the U.S. benchmark West Texas Intermediate also saw a sharp hike, increasing by 8% to trade at $112.51 per barrel, its highest point since 2011.
“We do not view this as sufficient relief,” Goldman Sachs said in a note to its clients in the hours following the International Energy Agency's announcement. “Demand destruction — through still higher prices — is now likely the only sufficient rebalancing mechanism, with supply elasticity no longer relevant in the face of such a potential large and immediate supply shock."
Others warned that prices could climb higher still, especially if the U.S. and other allied nations take steps toward sanctioning Russia’s energy supplies. The news comes as OPEC members gathered Wednesday to discuss their oil production plans for the coming months. But leaders from the group of oil-producing nations, which is co-chaired by Russia, said outright that they have no intention of increasing their production, even amid the massive hike in prices.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Russia closes airspace to 36 nations over EU bans on Russian aircraftRussia has closed its airspace to all carriers connected to 36 nations.
Lire la suite »
NHL suspends Russian partnerships, IIHF bans Russia, Belarus in response to invasion of UkraineThe NHL has suspended partnerships with Russian business and paused its Russian language sites, while the IIHF has banned Russia and Belarus from competition 'until further notice.'
Lire la suite »
Russia-Ukraine Live: Ukraine sets up hotline for families of Russian prisoners of warRussian and Ukraine officials held talks Monday as the invasion continues. Follow Newsweek for the latest updates.
Lire la suite »
Russia-Ukraine War: What to know on Day 7 of Russian assaultRussia resumed its assault on Ukrainian citie s on Wednesday, including the second largest, Kharkiv, where a strike hit the regional police and intelligence headquarters, wounding three people, acc…
Lire la suite »
Russia-Ukraine War: What to know on Day 7 of Russian assaultRoughly 874,000 people have fled Ukraine amid Russia's invasion. The U.N. refugee agency warned the number could cross the 1 million mark soon. Countless others have taken shelter underground.
Lire la suite »