Oil pauses, but outlook for prices remains bullish

London — Oil traded lower on Thursday as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.

February deliveries of West Texas Intermediate were down 29c, or 0.3%, at $86.67 dropping almost $1 earlier. The contract, which expires on Thursday, climbed to $87.91 on Wednesday.“The voices of those forecasting $100 per barrel oil are getting louder by the day,” said Tamas Varga at oil brokerage PVM.

An attack by Yemen’s Houthis on the United Arab Emirates, Opec’s third-largest producer, heightened geopolitical risks.

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