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US oil busts through US$90/barrel for first time since 2014
Brent crude settled at US$91.11 a barrel, up US$1.64, or 1.8 per cent, while West Texas Intermediate crude soared US$2.01, or 2.3 per cent, higher to end at US$90.27 a barrel, the first time the US benchmark has closed above the US$90-level since Oct 6, 2014.
Analysts attributed the late rally to growing concerns that extended cold weather could hit production in Texas, exacerbating the tightness in world crude markets.