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Oil prices jumped on Thursday to a new ten-month high, with U.S. crude rising above $90 a barrel for the first time this year.
West Texas Intermediate crude rose by more than 1.9 percent on Thursday to reach a high of $90.29 a barrel, the highest level since November of last year.
Brent crude, the international benchmark most closely related to gasoline prices in the U.S., rose by nearly two percent to $93.68.
The rising price of oil comes at a particularly challenging time for American consumers. U.S. gasoline prices surged 20 percent last month, according to the producer price index data released Thursday. This accounted for 60 percent of the rise in the index for final demand goods, the Bureau of Labor Statistics said.
On Thursday, gasoline prices were once again on the rise across the nation. The national average gas price rose to $3.853 a gallon, up from $3.
