Oil hits multi-year high on OPEC+ restraint

Oil hits multi-year high on OPEC+ restraint

Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.

The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts said, technical indicators suggesting oil has rallied too fast.

Brent crude rose as high as $83.47, the highest since October 2018, and at 08:13 GMT was down 4 cents at $82.52. U.S. crude climbed to $79.78, the highest since November 2014, and was later down 10 cents at $78.83.

Some downward pressure came from the API's figures showing signs of slowing fuel demand, Reuters reported.

The industry group said U.S. crude inventories rose by 951,000 barrels in the week to Oct. 1, website Oilprice.com reported, and gasoline and distillate fuel inventories also climbed.

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