OIL BREACHES $83

Oil prices dropped nearly 2 per cent yesterday after hitting multi-year highs as an unexpected rise in US crude inventories prompted buyers to take a breather.

Brent crude hit $83.47 a barrel, its highest since October 2018, but dropped 2 per cent to $80.94 by 1653 GMT. US crude climbed to $79.78, its highest since November 2014, before retreating 1,9 per cent to $77.42.