Oil futures resume a rally Thursday, with U.S. benchmark prices ending $90 a barrel as investors focus on a tight supply outlook.
The U.S. crude-oil benchmark settled above $90 a barrel on Thursday for the first time since November, lifted by ongoing concerns over the outlook for tight global supplies.
Oil had gained ground ahead of the supply data, after the Paris-based International Energy Agency’s monthly report reiterated a forecast for a fourth-quarter deficit in global supply as Saudi Arabia and Russia extend supply cuts through the end of the year. As long as OPEC+ keeps curbs on production and exports, oil prices will remain firm until high prices force a round of demand destruction at the gasoline pump, Innes said.
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