Oil prices were down in Asian trade today with traders reaping profits after prices jumped more than 1% overnight.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for March delivery, fell 36 cents to $101.44 a barrel in the afternoon and Brent North Sea crude for April delivery shed five cents to $118.88.
Crude prices had surged over 1% in late US trade last night, with WTI closing 20 cents shy of $102 and Brent finishing at $118.93.
Despite the slight slip in early Asian trade today, crude prices were well-supported by "a lot of very strong fundamentally supportive drivers," analysts said.
Iranian threats to cut crude exports to six European Union countries, a pipeline explosion in Syria, a strike in Yemen's biggest oil field and a dispute between Sudan and South Sudan were all supporting prices, they said.
