U.S. crude oil prices top $90 a barrel for the first time since November 2022

September 14, 2023

The crude oil tanker Searuby arrives at Teesport on September 02, 2023 in Redcar, United Kingdom. Oil prices jumped on Thursday, with U.S. crude topping $90 a barrel, as expectations of a tighter supply grew. West Texas Intermediate crude (WTI) gained 1.6% to $90.04 per barrel, hitting its highest level since November 2022. "From September onwards, the loss of OPEC+ production... will drive a significant supply shortfall through the fourth quarter," the agency said in its monthly report. Earlier this week, the OPEC issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts remain.