WTI Oil Futures Extend Gains to Reach Highest Since 2014
(Bloomberg) -- Oil soared as the Russian invasion of Ukraine continued to raise the specter of major global supply disruption.
Futures in New York climbed as much as 6.1% to $101.53/bbl, the highest since 2014. Brent futures jumped by more than $6 to above $104 a barrel. Â
The European Union is discussing the exclusion of seven Russian banks from the SWIFT messaging system, including VTB Bank PJSC. It's the latest in a list of mounting financial penalties against Russia.Â
Banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. have boosted their oil price forecasts, anticipating possible supply disruptions. Consuming countries are looking at releasing emergency reserves to counter some of the price gains. Â
©2022 Bloomberg L.P.
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