Oil retreated from multi-year highs on piling US inventories

International benchmarks for crude oil retreated from the multi-year high levels on Wednesday, 6 October 2021 following a report from the Energy Information Agency (EIA) that showed increases in US crude and gasoline inventories last week. Industry experts said that the price reductions are the result of profit-taking after the recent torrid gains. 

Brent plunged $1.48 or 1.8% to close at $81.08/barrel.

WTI fell $1.5 or 1.9% to settle at $77.43/barrel.