Oil prices ease from 2014 high, supply concerns limit losses

SINGAPORE: Oil NSE -0.40 % 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%, to $87.72 a barrel, as of 0152 GMT. The global benchmark touched $89.13 a barrel in the last session, its highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures gave up 96 cents, or 1.1%, 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.