Oil drops after hitting multi-year high amid global energy crunch

Published by
Reuters

By Alex Lawler LONDON (Reuters) – Oil dropped on Wednesday after hitting a multi-year high above $83 a barrel, pressured by an American Petroleum Institute (API) report showing rising crude inventories in the United States and technical indicators suggesting prices have rallied too fast. The latest surge in the price of crude was underpinned by the refusal of the Organization of the Petroleum Exporting Countries and allies to boost output faster and comes against a backdrop of concern about tight energy supply globally. On Monday, OPEC, Russia and other allies, known as OPEC+, chose to stay wi…

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