Oil Price Slips as Traders Bags in Profit

Oil prices slipped on Thursday after hitting highs seen in 2014 supported by strong demand and short-term supply disruptions.

Crude oil futures WTI inched down by 0.09% to $86.88 per barrel while Brent crude oil slipped down by 0.24% to $88.23 per 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 as reported by Reuters.

“Shorter-term supply disruptions are also helping tighten markets. Brent crude rallied sharply after reports a key oil pipeline running from Iraq to Turkey was knocked out by an explosion.”