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Oil Prices Drop from Multi-Year High .

Crude oil prices fell in today’s tradings following a record multi-year high during which prices reached more than $83 a barrel. This occurred following a report issued by American Petroleum Institute (API), which stated a spike in US reserves, in addition to technical signs that indicated a sudden rise in prices.

At 2:00 p.m. GMT, the global price benchmark for Brent crude contracts decreased by 1.7% to record an $81.12 a barrel, after having jumped earlier to $83.47, hitting its highest price level since October 2018.

US West Texas Intermediate crude contracts also fell 1.8% to $77.50 a barrel, having earlier spiked to $79.78, hitting its highest level since November 2014.

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