Crude oil retreated slightly from its previous annual highs supported by supply shortage pressures and growing global fuel demand.
In the Asian session, Brent crude futures were down 0.3% at $ 83.39 a barrel, after touching a three -year high on Monday.
Meanwhile, US WTI trading was down 0.4% at $ 80.20 a barrel, after rising 1.5% in the previous session, where it had touched a seven -year high.
Energy prices have risen to all -time highs due to energy shortages in Asia, Europe and the United States.
With the rising prices of natural gas and coal, it is causing consumers to turn to fuels for energy generation.
According to analysts, the shift of consumption from natural gas to oil for energy production could increase the demand for crude oil between 250,000 to 750,000 barrels a day.
Qatar, the world’s largest seller of liquefied natural gas (LNG) told consumers that it could not afford to reduce energy prices and add more production to the market.
