CNBC: US oil prices top $90 a barrel for the first time since 2014

© Khunaspix Dreamstime.

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…

To read the full story, please click here.