Oil prices held firm this afternoon after US Secretary of State Colin Powell's address to the United Nations.
Prices also found support from US inventory data showing a steep fall in stocks of US heating oil, as freezing temperatures stoked demand and distributors began to hoard supplies ahead of a possible war.
In London, benchmark Brent crude for March delivery rose 27 cents to $31.36 a barrel, while U.S. light crude rose 22 cents to $33.80.
Traders and analysts said Mr Powell's address was largely as expected and, on the oil markets, some profit-taking set in after his speech, taking Brent crude prices off a session high of $31.80.