Oil prices slipped back on Thursday after hitting their highest levels since 2014 in the previous session.

Brent’s March futures dropped 0.1%, to $88.35 a barrel on Thursday morning. The global benchmark touched $89 a barrel in the last session, its highest since October 2014.

US West Texas Intermediate (WTI) crude futures gave up 0.02%, to stand at $85.79 a barrel.

Analysts expect the oil market to remain strained amid improving prospects for oil demand and limited supply in the foreseeable future.