Oil falls after blistering run amid global energy crisis

TOKYO: Oil prices fell for the first time in four days on Tuesday, taking a breather, analysts said, after weeks of gains fuelled by a rebound in global demand that is contributing to energy shortages in economies from Europe to Asia.

Brent crude was down 26 cents, or 0.3%, at $83.39 a barrel at 0211 GMT, after touching three-year highs on Monday on the way to a 1.5% advance.

U.S. oil fell 33 cents, or 0.4%, to $80.19 a barrel, having also gained 1.5% in the previous session, in which it reached the highest in around seven years.

“There is still plenty of momentum behind the oil rally and the fundamentals remain extremely favourable,” said Craig Erlam, senior market analyst at OANDA. “Will it be a surprise to see oil back in the triple digits later this year? Probably not.”