Brent oil hits $104

World oil prices fell lightly on Thursday, after briefly breaching $104 again, as tensions eased over supply concerns in the Middle East.

World oil prices fell lightly on Thursday, after briefly breaching $104 again, as tensions eased over supply concerns in the Middle East.

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Brent North Sea crude for delivery in April dipped 12 cents to $103.66, after earlier touching $104.30 in Asian trade.
New York's main contract, light sweet crude for March, slipped 28 cents to $84.71.

“This morning, crude oil prices retreated ... as concerns eased about tensions in the Middle East,” said Sucden analyst Myrto Sokou.

Brent oil jumped to $104.52 on Wednesday — its highest level since late September 2008 —after Israel said Iran was sending two warships into the eastern Mediterranean.