Oil prices fall from multi-year highs

Oil prices fell on Wednesday, under pressure from a report from the American Petroleum Institute, which showed increased crude inventories in the United States.

The drop came after black gold prices hit a multi-year high above $ 83 a barrel.

As of 2:00 p.m. GMT, Brent crude futures were trading at $ 81.12 per barrel, down 1.7% from the previous close price.

Earlier in the session, prices jumped to $ 83.47, the highest level since October 2018.

Meanwhile, U.S. West Texas Intermediate crude contracts fell 1.8% to $ 77.50 a barrel, after jumping to $ 79.78, the highest level since November 2014.

Source: Reuters