Oil retreats from multi-year highs
PHOTO: FILE
Oil prices dropped nearly 2% on Wednesday after hitting multi-year highs, as an unexpected rise in US crude inventories prompted buyers to take a breather after recent torrid gains.
Brent crude hit $83.47 a barrel, its highest since October 2018, but by 1653 GMT was down $1.62, or 2%, to $80.94.
Read Oil drops after hitting multi-year high amid global energy crunch
US crude climbed to $79.78, its highest since November 2014, before retreating to $77.42 with a $1.51 or 1.9% loss on the day.
US crude inventories rose by 2.3 million barrels last week, against expectations for a modest dip of 418,000 barrels, the US Energy Department said.
Published in The Express Tribune, October 7th, 2021.
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