Investing.com - Crude oil prices fell in Asia on Friday on profit taking after mild gains in the U.S. session.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $102.76 barrel, down 0.17%,after hitting an overnight session low of $101.55 a barrel and a high of $103.00 a barrel.
Brent oil for August delivery on the ICE Futures Europe exchange gained 0.4% to $108.67 a barrel on Thursday, snapping an eight-day losing streak. It was the largest one-day dollar and percentage gain in three weeks.
Fears that military conflicts in the Middle East will disrupt supplies haven waned in recent sessions, softening oil prices to levels ripe for bottom fishing on Thursday.
Libya recently struck a deal with rebels occupying oil ports under terms that would have insurgents give up control over terminals that have been closed for a year.
The deal should add 500,000 barrels per day of crude back into the global energy market, while expectations for the Iraqi insurgency to remain to the north of the country's oilfields also allowed prices to fall prior to Thursday's buying spree.
Upbeat U.S. jobless claims numbers supported oil as well.
The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to 304,000. Analysts had expected jobless claims to hold steady at 315,000 last week.