The price of oil slipped below $98 a barrel on Friday, backing off the 2014 peak it hit in the previous session on signs of stronger recoveries in the U.S. and Japan.

By early afternoon in Europe, benchmark U.S. crude for March delivery was down 43 cents to $97.80 in electronic trading on the New York Mercantile Exchange. On Thursday, the Nymex contract gained 87 cents to settle at $98.23, the highest close of the year.