US Oil prices bounced above $90 a barrel on Thursday for the first time in more than seven years. The latest rally comes just a day after OPEC and its allies declined to aggressively ramp up production to cool off red-hot energy prices. Crude jumped 2.2% to $90.15 a barrel in afternoon trading. That marks the first time US Oil prices surpassed the $90 threshold on an intraday basis since October 2014.
Oil has surged by 37% since closing at a recent low of $65.57 a barrel on December 1 amid Omicron fears and the fallout from the US-led intervention into energy markets. Last week, Brent crude, the world benchmark, closed above $90 a barrel for the first time since October 2014.
OPEC+, led by Saudi Arabia and Russia, announced Wednesday it will stick to its previously telegraphed plan to increase production by 400,000 barrels per day. OPEC+ opted to hold its shortest meeting on record and rubber-stamped the 400 kb/d monthly increase, sticking with a hands-off the wheel management approach despite global inflationary fears,