Oil prices ease from 2014 high, supply concerns limit losses
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.
