Oil prices retreat after hitting multi-year highs

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NEW YORK, Oct. 21 (Xinhua) -- Oil prices fell on Thursday, taking a breather after hitting their multi-year highs.

The West Texas Intermediate for December delivery lost 92 cents to settle at 82.50 U.S. dollars a barrel on the New York Mercantile Exchange. The November contract expired Wednesday at a seven-year high.

Brent crude for December delivery decreased 1.21 dollars to close at 84.61 dollars a barrel on the London ICE Futures Exchange. The global crude benchmark finished at its highest since October 2018 in the prior session.

Oil prices have remained elevated recently, as energy crunch persists.

The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency in their respective monthly reports last week saw oil market as being noticeably undersupplied in short term.

Given the restrictive production policy pursued by OPEC+, "it is possible that the high oil prices will cause less oil to be consumed, which might also stop the upward price trend," Carsten Fritsch, energy analyst at Commerzbank Research, said Thursday in a note. Enditem

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