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New York - Oil prices fell on Friday as investors booked profits from the week's solid gains that put prices at their highest point since the start of 2014.
New York's main contract, West Texas Intermediate (WTI) for April delivery, lost 55 cents in its first day of trade, closing at $102.20 a barrel.
In London trade, Brent North Sea crude for delivery in April slid 45 cents to settle at $109.85 a barrel.
"The petroleum markets are seeing some moderate profit-taking to finish the week," said Tim Evans of Citi Futures.
Bob Yawger of Mizuho Securities USA agreed. The WTI price dip was "a function of an overbought market" after prices hit their highest level since October 8 on Wednesday, at $103.31.
Brent the same day closed at its highest level of the year, at $110.47.
Prices will remain supported by another bout of severe winter weather forecast to move across much of the United States over the next 10 days, Yawger said, noting dwindling supplies of heating oil.
According to the US Department of Energy, distillate supplies were down last week by 10.9 million barrels, or 8.8%, compared with a year ago.
The predicted cold weather into March was "extending the stress on the distillate situation. That is going to make it difficult for the distillate market to pull back significantly," Yawger said.
Phil Flynn of Price Futures Group said that traders were looking at the weather with a backdrop of rising geopolitical risk. "Violence in Venezuela, Ukraine and Sudan are providing price support," he said.
