Oil prices slipped back on Thursday after hitting their highest levels since 2014 in the previous session on the back of strong demand and short-term supply disruptions, underlying factors that limited losses as investors took profits.
Brent crude futures dropped 72 cents, or 0.81 per cent, to $87.72 a barrel, as of 7.22 am. The global benchmark touched $89.13 a barrel in the last session, its highest since October 2014.
US West Texas Intermediate (WTI) crude futures gave up 96 cents, or 1.1 per cent, to stand at $86 a barrel.
“The International Energy Agency said global oil demand is on track to hit pre-pandemic levels,” analysts at ANZ bank said in a note.
