On Thursday, oil price slipped from its multi-year highs, with Brent Crude futures down 0.5%, at $87.99 per barrel, while the United States West Texas Intermediate (WTI) crude futures for February delivery, slipping 0.5%, at $86.50 per barrel. However, supply shortfalls from the OPEC+ amid a strong demand is supporting the oil prices to hover near 2014 highs.
On top of it, the recent outlooks from the International Energy Agency and the U.S. Energy Information Administration suggest that the world might need more oil this year than it did a month ago. The demand figures seemingly look robust as the omicron variant’s impact on consumption was smaller than many had initially feared.
