Oil is Falling After a Series of Gains

Oil prices fell on Tuesday, October 12 for the first time in four days in what analysts described as a respite after weeks of gains due to rebounding global demand contributing to energy shortages in major economies.

Brent crude prices fell to $83.59 a barrel, after touching a three-week high on Monday, up 1.5%.

And US crude fell 13 cents to $ 80.39 a barrel after it also rose by 1.5% in the previous session when it reached its highest level in nearly seven years.

Energy prices have risen to record levels in the past few weeks, driven by energy shortages in Asia, Europe, and the United States.

Rising natural gas prices are also encouraging electricity producers to switch to oil.