New York January 26, 2022: Brent crude rose to $90 a barrel for the first time since October 2014, as oil prices add to mounting energy costs globally.
The international benchmark advanced as much as 2% to $90.02 a barrel. Crude is rallying at a time when global inflation is soaring, posing a challenge to central banks as they try to keep price increases in check.
The latest leg higher comes after the International Energy Agency said last week that oil markets are tighter than previously thought. It raised demand estimates, while a string of supply outages has helped to drain inventories. At the same time, geopolitical risks are growing as Russia amasses troops near the border with Ukraine. While the Kremlin has said it has no plans to invade, diplomatic efforts are under way to broker a peaceful solution. Goldman Sachs forecasts Brent at $100 a barrel by the end of the third quarter.
