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CNBC reports:

U.S. oil crossed above $90 on Thursday for the first time since 2014 as demand for petroleum products surges while supply remains constrained.

West Texas Intermediate crude futures, the U.S. oil benchmark, gained more than 2% to trade as high as $90.23 per barrel. The last time prices were above the $90 mark was October 2014. International benchmark Brent crude rose 1.7% to trade at $91. Brent topped $90 on Jan. 26.

Oil’s had a blistering rally since falling to record lows in April 2020 — WTI briefly traded in negative territory — as demand has returned but producers have kept supply in check. Geopolitical tensions between Russia and Ukraine as well as in the Middle East have also sent jitters through the market…

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