Goldman: Only Demand Destruction Can Keep Oil Prices From Rising

Only demand destruction could stop oil from rising to $115 over the next month due to the difficulties Russia will have in payments for its energy exports after the West removed some Russian banks from SWIFT after Putin invaded Ukraine, Goldman Sachs says. The removal of selected Russian banks from the SWIFT international payment system and the goal to limit the international operations of Russia’s central bank would affect Russian seaborne oil exports in the near term, Goldman said in a note to clients on Sunday. “Commodity markets…