U.S. Crude Oil Prices have surpassed $90 a barrel for the first time since November 2022, driven by expectations of a tighter supply. West Texas Intermediate crude (WTI) rose 1.6% to reach a high of $90.04 per barrel, while Brent crude reached a 10-month high, up 1.7% at $93.47. Saudi Arabia and Russia extending their oil output cuts until the end of 2023 could result in a significant market deficit for the rest of the year, according to the International Energy Agency. However, rising crude prices may lead to higher gasoline prices and further exacerbate inflation concerns.

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