On Thursday, U.S. crude oil prices experienced a significant increase, exceeding $90 per barrel due to growing expectations of a tighter supply. Here is a summary of the key points from the article:
- U.S. crude oil prices topped $90 a barrel, reaching the highest level since November 2022.
- West Texas Intermediate (WTI) crude rose by 1.6%, attaining a high of $90.04 per barrel.
- Brent crude also increased by 1.7%, hitting a 10-month peak at $93.47.
- Saudi Arabia and Russia have prolonged their oil output cuts till the end of 2023, potentially leading to a substantial market deficit.
- The International Energy Agency anticipates a significant supply shortfall from September onwards.
- The surge in crude prices might result in escalated gasoline prices, exacerbating the current inflation issue.
- WTI crude is on track for its third consecutive weekly gain, having risen about 13% this year.