Oil tops $90, 7-year high

The national average for gas prices is $3.41: AAA

U.S. crude oil broke the $90-per-barrel mark Wednesday, the highest since October 2014. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 85.46 +0.87 +1.03%
BNO UNITED STS BRENT OIL FD LP UNIT 33.77 +0.45 +1.35%

BIDEN ADMINISTRATION IS STOKING HIGH ENERGY PRICES

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. 

INFLATION FUELS CAR PRICES AS INVENTORY FALLS

ExxonMobil, Chevron and ConocoPhilips remained lower with the broader equity selloff. 

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 97.64 +1.03 +1.07%
CVX CHEVRON CORP. 178.29 +1.59 +0.90%
COP CONOCOPHILLIPS 114.60 +1.45 +1.28%

OIL HITS $89 AS OPEC STAYS CAGEY

Unrest between Russia and Ukraine is also pressuring prices, despite reports from the Biden Administration that a potential conflict was not likely "imminent."

CLICK HERE TO READ MORE ON FOX BUSINESS