Oil Slips on Demand Jitters and Profit-Taking

LONDON — Oil prices dipped on festering demand concerns and profit-taking prompted by last week’s gains as conflict in the Middle East showed no signs of easing. Brent crude futures were down 78 cents, or 0.9 percent, at $82.69 a barrel by 1030 GMT. The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was down 33 cents, or 0.4 percent, at $78.86 in tepid trade. The WTI April contract was down 72 cents, or 0.9 percent, at $77.74. Front-month Brent and WTI futures last week gained about 1.5 percent and 3 percent respectively, reflecting increasing risk of Middle East conflict widening. Capping those gains was slowing demand forecasts from the International Energy Agency and a…