Oil edges lower as traders monitor Russia-Ukraine tensions, Middle East

Oil futures drifted modestly lower Monday, but remained underpinned by worries over potential disruptions as traders monitored rising tensions over Ukraine and the interception of missile attacks by Yemen’s Houthi rebels on the United Arab Emirates.

West Texas Intermediate crude for March delivery
CL00,
-1.16%

CL.1,
-1.16%

CLH22,
-1.16%
fell 41 cents, or 0.5%, to $84.73 a barrel on the New York Mercantile Exchange. March Brent crude
BRN00,
-0.88%

BRNH22,
-0.88%,
the global benchmark, was down 24 cents, or 0.3%, at $87.65 a barrel on ICE Futures Europe. Both Brent and WTI lost ground Friday, but logged a fifth straight weekly gain after closing at seven-year highs on Wednesday.