CNBC/Reuters: Oil hits seven-year highs as U.S. storm heightens supply concerns
Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fuelled concerns over supply disruptions.
Brent crude advanced 1.7%, or $1.56, to trade at $92.67 per barrel, having earlier touched its highest since October 2014 at $93.05.
U.S. West Texas Intermediate crude rose $1.74, or 1.9%, to trade at $92.02 per barrel.
Both benchmarks were on course for a seventh consecutive weekly gain.
“It may just be a matter of time until we’re closing in on triple figures,” said Craig Erlam, senior market analyst at OANDA.
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Update #1: Oil prices shoot to over $90 US a barrel for first time since 2014 (CBC)
Update #2: WTI Crude Surges Above $92 On Permian Freeze (OilPrice.com)
WNU Editor: It looks like the price for oil will be over $100/barrel in the coming months .... $90 Oil Is Only The Beginning (OilPrice.com).