Oil prices moved sharply higher on Thursday as OPEC said it expected demand to remain high this year and next—and the Biden administration continued its policies smothering U.S. production.
U.S. West Texas Intermediate crude futures were up an even sharper 1.75 percent, hitting $89.18 a barrel at their high. This is also the highest price since November. On Tuesday, OPEC said resilient economic growth despite interest rate hikes is expected to support the growth of demand for oil this year and next. U.S. economic growth has proven to be much stronger than expected this year, defying predictions that the economy would fall into a recession due to tighter monetary policy and a fading of post-pandemic demand surges.
California has some of the highest prices in the U.S. On Tuesday, the California average rose to $5.464 from $5.439 on Monday. Last week, the average was $5.326. A month ago, prices averaged $5.130. One year ago, the average price was $5.405.
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