U.S. oil prices topped $90 a barrel for the first time this year amid expectations of tight supply, sparking new concerns that oil prices will push up U.S. inflation.
U.S. benchmark West Texas Intermediate crude rose 2.2% to $90.50 a barrel by lunch time on Thursday, as markets braced for last week’s decision by Saudi Arabia and Russia to extend production and export cuts until the end of the year. Year.
Brent crude rose nearly 1.9% to $93.69, its highest level since November, with many analysts predicting prices could soon hit $100 a barrel.
Rising energy costs pushed U.S. inflation to a higher-than-expected rate in August, potentially complicating the Federal Reserve’s battle to control prices.
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