Oil prices jumped on Thursday to a new ten-month high, with U.S. crude rising above $90 a barrel for the first time this year. West Texas Intermediate | Economy
Oil prices jumped on Thursday to a new ten-month high, with U.S. crude rising above $90 a barrel for the first time this year.
The rising price of oil comes at a particularly challenging time for American consumers. U.S. gasoline prices surged 20 percent last month, according to the producer price index data released Thursday. This accounted for 60 percent of the rise in the index for final demand goods, the Bureau of Labor Statistics said.
The U.S. is also producing less oil than it could be. The total oil rig count in the U.S. is down to 513 from 591 a year ago.
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