Oil futures rise Friday, on track for strong weekly gains, as the U.S. benchmark extends a push above the $90-a-barrel threshold.
Oil futures rose Friday, extending a push above the $90-a-barrel threshold, on continued worries over tight supplies.
Price action Market drivers WTI settled Thursday at $90.16 a barrel on the New York Mercantile Exchange, the highest finish for a front-month contract since Nov. 7, according to Dow Jones Market Data. Brent saw its highest close since Nov. 15. Tightening supplies have propelled a summer rally for crude. A 1 million-barrel-a-day production cut implemented by Saudi Arabia in July and recently extended through the end of the year, alongside with a supply cut from Russia, have solidified expectations for a growing supply deficit heading into the fourth quarter.
“The supply deficit that is likely to characterise the oil market until the end of the year should support oil prices at high levels. Concerns about demand in a cooling global economy, however, argue against a further rally,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bidenomics Breaking America: U.S. Oil Prices Jump Above $90 a Barrel, Gasoline Climbs Relentlessly HigherOil 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
Read more »
U.S. oil futures settle above $90 a barrelOil prices climbed Thursday, with U.S. benchmark crude ending above $90 a barrel for the first time this year. “Oil is so bullish that even a strong dollar...
Read more »
U.S. crude-oil benchmark settles above $90 a barrel for the first time this yearOil futures resume a rally Thursday, with U.S. benchmark prices ending $90 a barrel as investors focus on a tight supply outlook.
Read more »
U.S. crude-oil benchmark presses toward $90 a barrelOil futures resume a rally Thursday as investors focus on a tight supply outlook.
Read more »
From films to counseling — how California is spending $90 million to fight hateCalifornia's multi-pronged campaign to combat hate ads up. More than 170 groups will split state anti-hate money.
Read more »