The price of oil registers a slight drop this Thursday, a day after Brent traded at the highest since October 2014, with the added boost from International Energy Agency (IEA) estimates.

Right now, West Texas Intermediate (WTI), the "benchmark" for the United States for March delivery, is depreciating 0.07% to $86.90 per barrel.

Meanwhile, the March North Sea Brent contract, traded in London and the benchmark for European imports, falls 0.26% to $88.21 per barrel, after yesterday rolling over to $89.09, renewing more than seven-year highs.

Meanwhile, the IEA reported Wednesday that the market appears tighter than originally thought, with demand proving resilient to the omicron variant of the coronavirus.

Thus, the Agency stressed that demand for crude oil is on track to reach pre-pandemic levels.

In addition, he pointed to the fact that world stocks are declining rapidly at a time when consumption remains robust and members of the Organization of Petroleum Exporting Countries and their allies (OPEC+) are failing to revitalize their production.

In a research note to which Negócios had access, UBS points out that disruptions in supply, fears around the potential impact of escalating tensions in Eastern Europe and the Middle East, and stronger-than-expected demand are all factors that have been propping up crude this early in the year.

"We estimate that demand for oil will reach new all-time highs and that Brent will trade in the $80-$90 range for now," indicates Giovanni Staunovo, commodities analyst at the Swiss bank, in this report.