U.S. crude oil broke the $90-per-barrel mark Wednesday, the highest since October 2014.
|USO||UNITED STATES OIL FUND L.P.||80.63||+0.20||+0.25%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.04||+0.03||+0.09%|
Brent crude, the global benchmark, rose to $91 per barrel.
Nationally, the average gas price reached $3.41 per gallon, a 7-year high, and energy experts, including GasBuddy's Patrick De Haan, say prices have a good chance of hitting $4 at the pumps.
The move comes one day after OPEC again snubbed requests from the United States to increase production to help quell inflation. The cartel determined at its January meeting it would continue along its path of a 400,000 barrel-a-day production increase.
ExxonMobil, Chevron and ConocoPhilips remained lower with the broader equity selloff.
|XOM||EXXON MOBIL CORP.||114.97||+0.21||+0.18%|
Unrest between Russia and Ukraine is also pressuring prices, despite reports from the Biden Administration that a potential conflict was not likely "imminent."