WTI moves over $90/bbl on Feb 3

[dan_s]

Trading Economics:
"WTI crude futures pared early losses to jump more than 2% and traded above $90 per barrel on Thursday for the first time since September 2014 as investors expect that supply will tighten further even with OPEC+ announced it will stick with the plan of moderate increase their output. On Wednesday, OPEC+ agreed to raise oil output by 400,000 barrels per day in March, as widely expected, but analysts are increasingly doubtful that all its members will be able to meet their production targets. Investors are also closely monitoring developments over Ukraine, as a conflict between Russia and the West can potentially upend energy flows. Also, demand is upswing after the Omicron variant shock has just briefly dented the consumption in major economies."

The Big Paradigm Shift: "OPEC+ is tapped out".