US crude exceeded $ 90 / barrel for the first time since 2014

Oil prices closed with significant gains on Thursday, with US crude climbing above $ 90 a barrel for the first time in more than 7 years, amid concerns about oil production.

Undoubtedly, winter storms in parts of the United States will affect oil production, said analyst Phil Flynn. Cold weather can hit oil production and lead to refinery shutdowns, as well as boost demand for heating fuels.

“There is concern that [παραγωγοί] “We will not be able to increase production to keep up with demand,” he said. “We need a lot of investment in US oil and gas and we just don’t have it,” Flynn said.

Meanwhile, the European Central Bank acknowledged that rising inflation was not temporary, while the rise of the euro put pressure on the US dollar, which lost 0.6 on Thursday, boosting oil prices.

All this one day after the agreement in OPEC + to increase production by 400,000 barrels per day in March, confirming analysts’ estimates.

The agreement envisions a further increase in production by 400,000 barrels per day in March, continuing at the same rate as in previous months as part of the Agency’s strategy to gradually bring back supply levels off the peak of the coronavirus crisis. , when demand had collapsed.

However, there are analysts who doubt whether all OPEC members have the capacity to increase their output in order to achieve the goals.

In this climate, the crude type West Texas Intermediate March delivery added $ 2.01, or 2.3%, to settle at $ 90.72 a barrel on the New York Mercantile Exchange, the highest level since October 6, 2014, according to Dow Jones Market Data.

The Brent oil April delivery rose $ 1.64, or 1.8%, to $ 91.11 a barrel on ICE Futures Europe, a breather from a seven-year high of $ 31.21 on January 31.

The natural gas March delivery fell 11.1% to $ 4.888 per 1 million British thermal units.