World oil prices fell this evening as many traders took profits after fears of spreading Middle East unrest sent the market briefly above $104 a barrel.
Brent North Sea crude dipped 81 cents to $102.27 a barrel, having hit a two-year high above $104 Monday on growing concerns that Egypt-style unrest occurring in the oil-rich Middle East could disrupt the supply of crude to the West, traders said. US crude was down 53 cents at $84.28.
Prices have edged up steadily as demonstrators in various Arab states draw inspiration from pro-democracy protests that led to the ouster of leaders in Tunisia and Egypt. Unrest has followed in Iran, Yemen and Bahrain.
Meanwhile, a record price gap exists between New York's benchmark West Texas Intermediate (WTI) crude and Brent due to abundant crude supplies in the United States, where the Cushing depot in Oklahoma is nearly full.
