The Financial Post reports in its Thursday edition that oil prices reached their highest levels in five months this week, and economists say that could make the Bank of Canada a "little concerned" as it figures out the right time to cut interest rates. The Post's Naimul Karim writes that fuelled by cuts in oil production by the Organization of Petroleum Exporting Countries, resilience from major economies and escalating conflicts in the Middle East, West Texas Intermediate crude futures rose above $85 (U.S.) on Tuesday, hitting the highest level since October. BMO economist Douglas Porter says: "I think it's something that could frustrate the Bank of Canada from cutting rates or cutting them heavily. They will be a little bit concerned. There obviously are a lot of factors that drive inflation but energy prices and headline inflation can play a pretty big role, [in] what the bank decides." Several economists expect the BOC to announce its first rate cut in mid-2024. Those predictions, however, could change with oil prices following an upward trajectory in the past month following Israel's airstrike on an Iranian embassy in Syria. The rise in oil prices could provide a much-needed boost for Canada's crude oil producers.