Oil hovers below $85 amid Middle East tensions

SINGAPORE — Oil prices hovered near $85 a barrel Thursday in Asia on investor concern political upheaval in the Middle East could spread and disrupt crude supplies.
Benchmark crude for March delivery was down 6 cents at $84.93 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 67 cents to settle at $84.99 on Wednesday.
In London, Brent crude for April delivery rose 25 cents to $104.30 a barrel on the ICE Futures exchange.
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