U.S. oil busts through $90/bbl for first time since 2014 | Reuters

U.S. oil busts through $90/bbl for first time since 2014 | Reuters

Oil prices surged in late-day trading Thursday, sending the U.S. crude benchmark through $90 a barrel for the first time since 2014 due to ongoing supply worries and as frigid weather cascades across the United States.

Global benchmark Brent crude settled at $91.11 a barrel, up $1.64, or 1.8%, while West Texas Intermediate crude soared $2.01, or 2.3%, higher to end at $90.27 a barrel, the first time the U.S. benchmark has closed above the $90-level since Oct.6, 2014.

Analysts attributed the late rally to growing concerns that extended cold weather could hit production in Texas, exacerbating the tightness in world crude markets.

More than 200,000 people have lost power across the United States due to the cold thus far, and recollections of Storm Ida a year ago that knocked out power to millions of Texans, remain at the fore. read more