Oil price down in Asia on profit-taking

Oil price down in Asia on profit-taking

Oil price down in Asia on profit-taking

Oil was down in Asian trade today with traders reaping profits after prices jumped more than one percent overnight, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for March delivery, fell 15 cents to USD 101.65 per barrel and Brent North Sea crude for April delivery shed 32 cents to USD 118.61.

Traders capitalised on an overnight surge in prices, said senior commodities strategist for ANZ Research Nick Trevethan.

"It's just a little bit of selling into strength," he told AFP.

"The way I see it is there seems to be a bit of resistance at the USD 102 level for the WTI and for Brent around USD 119," he added.

Crude prices had surged more than one percent in late US trade yesterday, with the WTI closing 20 cents shy of USD 102 and Brent finishing at USD 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," Trevethan 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, he said.