Global benchmark Brent crude settled near $84 a barrel in Asian trading on Tuesday, as investors assessed the energy crisis gripping global markets.

U.S. crude futures in New York were trading above $82 a barrel, near the highest level since 2014, after gaining 2.5% over the past three sessions.

Brent crude futures in New York were trading above $82 a barrel, near the highest level since 2014, after gaining 2.5% over the past three sessions.

Russia has opted not to send more natural gas to Europe, while OPEC+ has faltered in pumping enough crude to meet its production target, exacerbating a supply crunch in energy markets. However, one technical indicator suggests that crude oil is overbought and a correction is due. <Crude oil prices have rallied over the past eight weeks, as the energy crisis - caused by shortages of natural gas and coal - coincided with a rebound in demand from major economies emerging from the pandemic. Russian Gazprom's exports to its main markets in the first two weeks of October fell to their lowest level since 2014, at least for this time of year, as domestic demand absorbed most of the production increases.

Russia's Gazprom exports to its main markets fell in the first two weeks of October to their lowest level since 2014, at least for this time of year. <Pipeline capacity auctions for next month gave no indication that Russia plans to increase shipments to Europe, even after President Vladimir Putin said he was ready to increase supplies. <On the other hand, OPEC+ production was 15% lower than planned in September, reflecting the inability of some members - including Nigeria, Angola and Azerbaijan - to increase production to agreed volumes due to lack of investment, exploration and other issues.