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.
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