Oil Reaches New 2023 High

The per barrel price for the WTI grade of crude oil reached $85 on Friday—the highest price point yet this year as falling inventory levels spook the market. WTI crude oil briefly reached $85 per barrel before sagging to $84.90 around 10:00 a.m. ET. The last time WTI traded at a level that high was November 2022.

For the day, WTI was trading up $1.33 per barrel, or 1.59%. Brent crude oil was also trading up on the day, by $1.05 per barrel, or 1.21%, at $87.88—also a new 2023 record. A big factor in the rising price of crude oil are…