Crude oil prices climbed above $90 a barrel on Thursday—highest since October 2014, due to an increase in demand for petroleum products as well as extended periods of extreme cold weather that constrained supplies across the US.
West Texas Intermediate crude futures, the US oil benchmark, rose sharply, peaking at $90.28 per barrel at 3:24 pm ET, gaining over 2% to trade. Economist Rory Johnston said that the major jump in oil prices crashed into negative territory following the onset of COVID-19. Today, he forecasts that it can rise to $100 a barrel later this year.
Tight oil supplies can be a growing concern as extended cold weather affects oil making, analysts said.
