U.S. oil futures settle above $90 a barrel for the first time in over 7 years


Oil futures rallied on Thursday, with U.S. prices settling above $90 a barrel to mark another settlement at their highest since October 2014, buoyed by worries surrounding risks to global supplies, despite a decision by major oil producers to lift crude production in March. There is no doubt that the winter storms in parts of the U.S. will impact oil production, said Phil Flynn, senior market analyst at The Price Futures Group. Freezing weather can hurt oil production as well as boost demand for heating fuels. West Texas Intermediate crude for March delivery CLH22, +0.64% rose $2.01, or 2.3%, to settle at $90.27 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since Oct. 6, 2014, according to FactSet data.

This article was originally published by Marketwatch.com. Read the original article here.

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