Oil is retreating from its highest level since 2014. Brent is below $ 88

Oil prices fell on Thursday as investors took profits after a month-long price hike, but rising demand and short-term supply disruptions supported prices near their highest levels since late 2014 .

THE future Brent crude oil fell 49 cents, or 0.6%, to $ 87.95 a barrel, after falling more than a dollar earlier. European benchmark crude oil rose to $ 89.17 a barrel on Wednesday, the highest level since October 2014.

And i future US West Texas Intermediate crude for February delivery fell six cents, or 0.1%, to $ 86.90 a barrel, after falling about $ 1 in precedence. West Texas Intermediate crude rose to $ 87.91 on Wednesday, its highest level since October 2014.

West Texas Intermediate crude oil contract for February expires today, Thursday, while the value of the most traded contract for March delivery was $ 85.41 a barrel. in 0.5% drop.

“The International Energy Agency has said that global oil demand is on track to reach pre-pandemic levels,” they said. in ANZ Bank analysts note.

They added: “Short-term supply disruptions also help limit supply in the markets. Brent crude oil has risen sharply after reports that a major gas pipeline from Iraq to Turkey was cut off due to an explosion.” .

However, officials said Wednesday that the flow of crude oil through the Kirkuk-Ceyhan pipeline resumed after being cut off on Tuesday due to the explosion near the pipeline in the southeastern province of Kahramanmaras.

Supply concerns increased this week after Yemen’s Houthi militia attacked the United Arab Emirates, OPEC’s third largest producer.

Meanwhile, Russia, the world’s second largest oil producer, has amassed its forces near the Ukrainian border, raising fears of a possible invasion and resulting supply uncertainty.

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