U.S. oil busts through $90/bbl for first time since 2014

Shafaq News / Oil prices surged in late-day trading Thursday, sending the U.S. crude benchmark through $90 a barrel for the first time since 2014 due to ongoing supply worries and as frigid weather cascades across the United States.

Global benchmark Brent crude settled at $91.11 a barrel, up $1.64, or 1.8%, while West Texas Intermediate crude soared $2.01, or 2.3%, higher to end at $90.27 a barrel, the first time the U.S. benchmark has closed above the $90-level since Oct.6, 2014.

Analysts attributed the late rally to growing concerns that extended cold weather could hit production in Texas, exacerbating the tightness in world crude markets.

Source: Reuters