Pumpjacks near a battery southwest of Torquay, Saskatchewan. Photo by Brian Zinchuk

TORONTO — The U.S. benchmark price of oil has topped US$90 per barrel for the first time since late last year.

The October futures contract for West Texas Intermediate (WTI) light sweet crude oil was up US$1.57 at US$90.09 in late-morning trading after going as high as US$90.26.

The last time the U.S. benchmark oil price topped US$90 a barrel was in November of last year.

Saudi Arabia and Russia agreed last week to extend their voluntary oil production cuts through the end of this year.

The move keeps 1.3 million barrels per day of crude oil out of the global market.

The rise in oil prices threatens to raise the price of gasoline for drivers and give a boost to inflation that central banks around the world have been working to bring under control.

This report by The Canadian Press was first published Sept. 14, 2023.

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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