U.S. oil prices top $90 a barrel for the first time since 2014

U.S. oil crossed above $90 on Thursday for the first time since 2014 as demand for petroleum products surges while supply remains constrained.

West Texas Intermediate crude futures, the U.S. oil benchmark, gained more than 2% to trade as high as $90.23 per barrel. The last time prices were above the $90 mark was October 2014. International benchmark Brent crude rose 1.7% to trade at $91. Brent topped $90 on Jan. 26.

Oil's had a blistering rally since falling to record lows in April 2020 — WTI briefly traded in negative territory — as demand has returned but producers have kept supply in check.

WTI is up nearly 20% for the year, building on 2021's more than 50% gain. As oil prices push higher, a number of Wall Street analysts have forecasted $100 oil.

Oanda's Ed Moya added that part of Thursday's push higher is due to cold temperatures and a potential drop in production.

"The oil market is so tight that any shock to production is going to send prices soaring. OPEC+ production is on cruise control with their gradual increase strategy, which means oil seems like it's going to make a run towards $100 oil pretty soon," he said.