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.

"It's just a little bit of selling into strength," he told AFP.

"The way I see it is there seems to be a bit of resistance at the $102 level for the WTI and for Brent around $119," he added.

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.

Despite the slight slip in early Asian trade Thursday, crude prices were well-supported by "a lot of very strong fundamentally supportive drivers," Trevethan said.

Iranian threats to cut crude exports to six European Union countries, a pipeline explosion in Syria, a strike in Yemen's biggest oil field and a dispute between Sudan and South Sudan were all supporting prices, he said.