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.
On Monday, the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, chose to stay with a plan to increase output gradually and not boost it further as the U.S. and other consumer nations have been urging.
