US oil benchmark hits $90 a barrel for the first time in seven years

• West Texas Intermediate (WTI) is up nearly 20% for 2022

• International benchmark Brent crude was trading at $91 per barrel

U.S. oil prices crossed $90 a barrel for the first time since October 2014 on Thursday. The US oil benchmark, West Texas Intermediate (WTI) crude futures, gained more than 2% to trade as high as $90.23 per barrel. 

International benchmark Brent crude which topped $90 on January 26, rose 1.7% to trade at $91 on Thursday.

Also Read: Brent crude futures top $90 for the first time since 2014

Rising oil prices have fueled inflation around the world, including in the U.S. and Europe, due to soaring energy costs. Crude prices have jumped to seven-year highs as several OPEC+ members have been unable to meet their share of output as global demand picks up, including top African producers, Nigeria and Angola.

WTI is up nearly 20% for the year, rising on the back of 2021′s gains which rose by more than 50%. As oil prices push higher, several Wall Street analysts have forecasted $100 oil, reported CNBC.

On Wednesday, the OPEC+ nations agreed to increase the crude oil production in a planned and controlled manner, as supply concerns increased due to an imminent war between Russia and Ukraine.

Crude prices have hit record levels prompting OPEC and non-OPEC partners to give the go-ahead for the return of 400,000 barrels per day for March.

Crude prices have soared higher in 2022 after jumping 55% last year, due to the steady global revival in demand, lower stockpiles, and sporadic interruptions to supplies.

Also Read: OPEC+ agrees to raise crude productions amid Russia-Ukraine tensions