Oil hits multi-year high above $86 due to tight supply, then pulls back
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. [EIA/S]
Brent crude rose as high as $86.10, the highest since October 2018, but by 0815 GMT was down 79 cents, or 0.9%, to $85.03.
U.S. West Texas Intermediate crude fell 57 cents, or 0.7%, to $82.85.
