Oil hits multi-year high above $86, then pulls back | Reuters
Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched.
Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year low.
Brent crude rose as high as $86.10, the highest since October 2018, but by 1155 GMT was down 92 cents, or 1.1%, to $84.90. U.S. West Texas Intermediate crude fell 74 cents, or 0.9%, to $82.68.
"Traders who had set $86 as their selling threshold took the opportunity to already pocket some profit," said Louise Dickson of Rystad Energy. "Oil prices took a dive as a result."
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