Summary Oil prices fell Friday on profit-taking after US-inspired rally.
LONDON (AFP) - Oil prices fell Friday on profit-taking, after hitting the highest levels of the year on data showing the US economy grew more than expected in the fourth quarter.
New York s main contract West Texas Intermediate for delivery in March fell 35 cents to $97.88 a barrel.
Brent North Sea crude for March stood at $107.22 a barrel in London morning trade, down 73 cents from Thursday s closing level.
Trade was light with most Asian markets closed for the Lunar New Year holiday.
Prices had jumped on Thursday after the US Commerce Department said the world s number one economy -- and biggest crude consumer -- expanded 3.2 percent in October-December.
That was much better than the 3.0 percent predicted by analysts.
Adding to the upbeat data was a 3.3-percent rise in consumer spending, which is a crucial driver of growth in the United States, suggesting demand for crude could pick up.
Akio Shibata, president of Japan s National Resource Research Institute, said oil prices "will likely remain at relatively high levels for some time to come as demand will grow on the backdrop of a strong US economy".
