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WTI crude oil tops $90 a barrel for first time since 2014

Yahoo Finance's Jared Blikre reports on the oil market as WTI crude oil tops $90 a barrel.

Video Transcript

ALEXIS CHRISTOFOROUS: Well, the US stock market may be in risk-off mode today, but oil is rallying. In fact, WTI crude topping $90 a barrel for the first time since 2014. Jared Blikre here now with a closer look. Maybe $100 crude oil isn't that far away, Jared.

JARED BLIKRE: It's literally only $10 away. And as Ramp Capital points out, this is $140 off of-- excuse me, $130 off of those negative 40 lows that we saw in 2020. So you can see, we got some acceleration to the upside. Facebook not weighing on WTI crude at all, nor should it. Adjust a little bit instead of cry when looking at those Facebook earnings.

And I do want to get a check of the energy sector. And we can see kind of a mixed picture here. We got Royal Dutch Shell, the old Royal Dutch Shell, which is now Shell, that's up 1%. So some of the foreign majors like BP and Total, they're up marginally. But in the US, you're seeing a lot of red here. And that just has to do with the risk-off flavor of the market. Also Occidental Petroleum notably up 2%.

But yes, we have crude oil trading at above $90 per barrel, $100 not far away. I do want to show a much longer term price chart. This is going to be a max. I'll put some candlesticks on it so we can see all the indecision areas. Here's that negative 40 print all the way down there.

But for the most part, crude oil really not doing anything since about 2005. It got almost up to $150 a barrel. That was in the great run-up the last time we had serious price inflation, especially in commodities, 2007, 2008. And then it fell off a cliff, hit 30, and those lows would be taken out and then some. Not only in 2016, but of course, during the pandemic. So crude oil really just back up into the middle of its range. Could easily see 150 if things continue the way they are.

ALEXIS CHRISTOFOROUS: Wow, all right. And that would just add to all the inflationary pressures we've got. Jared Blikre, thanks for that.