Oil prices are at their highest in 7 years

Oil prices continue to rise. Futures contracts in New York are at a premium of about 1 percent today, after rising 4.5 percent yesterday.

Sources state that the USA and some countries will release 60 million barrels of oil from their strategic oil reserves. On the other hand, International Energy Agency President Fatih Birol announced that an extraordinary meeting will be held today to evaluate the effects of Russia's attack on Ukraine on oil supply.

The barrel price of US-type crude oil prices increased by 5.7 percent and exceeded $105, the highest level since July 2014. Prices had exceeded $100 on Thursday, when Russia's invasion began.

Brent crude oil in London rose 6.3 percent to over $104. Goldman Sachs Group stated that the rise in oil can only be sustained by the destruction in demand. The bank raised its one-month benchmark oil price forecast to $115.

Warren Peterson, commodities strategist at ING Groep in Singapore, said that while deploying strategic reserves could be a short-term solution, there are still upside risks to prices.