Oil price down in Asia on profit-taking

Oil was down in Asian trade Thursday 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 $101.65 per barrel and Brent North Sea crude for April delivery shed 32 cents to $118.61.

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

Crude prices had surged more than one percent in late US trade Wednesday, with the WTI closing 20 cents shy of $102 and Brent finishing at $118.93.

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