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Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.

Oil surged above $105 a barrel for the first time since 2014 after Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies.

The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014.

Demand for oil is nearing pre-COVID levels and producers globally are investing too little in supply, Saudi Aramco said.

The Biden administration’s release of crude from U.S. emergency reserves to cool oil’s rally is going into a second round, with bids due by the first working day of the year.

Petroleos Mexicanos could end up spending about $1.6 billion to take over Royal Dutch Shell Plc’s Deer Park refinery, more than twice the price announced in May, even as its finances are so dismal the government is injecting billions of dollars into the state oil producer.

OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of COVID-19 becomes clearer.

Texas’s top oil and gas regulator voted Nov. 30 to more clearly define who will be at the top of the list to keep receiving electricity during severe winter weather.

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom.

Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to the U.S. Energy Information Administration.