Oil prices ease from 2014 high, supply concerns limit losses

A pumpjack brings oil to the surface in the Monterey Shale, California, U.S. April 29, 2013. (Reuters photo)

SULAIMANI (ESTA) — Oil prices were mixed on Thursday as strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.

Brent crude futures fell 14 cents to $88.30 a barrel, as of 0457 GMT, having dropped more than $1 earlier in the session.

The global benchmark touched $89.17 a barrel on Wednesday, its highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures were up 13 cents to stand at $87.09 a barrel, having also shed nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014.

“The International Energy Agency said global oil demand is on track to hit pre-pandemic levels,” Reuters quoted analysts at ANZ bank as saying.

“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.”

However, the flow of crude oil through the Kirkuk-Ceyhan pipeline has resumed, after it was halted on Tuesday due to a blast near the pipeline in the southeastern Turkish province of Kahramanmaras, according to the Kurdistan Regional Government (KRG).

Previous Article

Office of Iraqi parliament’s second deputy speaker attacked in Kirkuk

Next Article

Traffic police in Sulaimani says driving ‘dangerous’ as snow blankets city

Related Posts