Oil Prices Surge as Brent Cracks $91 Mark

WTI crude oil rises by $2.36 to $87.88, while Brent surpasses $91 for the first time since November 2022. The market is experiencing fundamental buying due to a higher consumption of oil than production. Goldman Sachs suggests that OPEC+ may maintain cuts for longer, leading to lower supply. The backwardation in the market indicates buyers pulling crude from inventories, signaling a bullish market.