U.S. crude oil prices top $90 a barrel for the first time since November 2022

The crude oil tanker Searuby arrives at Teesport on September 02, 2023 in Redcar, United Kingdom.

Ian Forsyth | Getty Images News | Getty Images

Oil prices jumped on Thursday, with U.S. crude topping $90 a barrel, as expectations of a tighter supply grew.

West Texas Intermediate crude (WTI) gained 1.6% to $90.04 per barrel, hitting its highest level since November 2022. Brent crude was up 1.5%, at $93.23, reaching a 10-month high.

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WTI crude

Saudi Arabia and Russia have extended their oil output cuts to the end of 2023, and the move could result in a substantial market deficit for the rest of 2023, the International Energy Agency said on Wednesday.

“From September onwards, the loss of OPEC+ production… will drive a significant supply shortfall through the fourth quarter,” the agency said in its monthly report.

WTI crude is up almost 3% this week, on pace for the third straight weekly gain. The prices are up about 13% this year.

Earlier this week, the OPEC issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts remain.

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