As fears over Syria eased on Friday and oil prices edged back from recent highs, most industry watchers think further upside is limited with one saying it could be time to take profits.
According to Richard Martin, managing director at IMA Asia, the supply picture for crude oil remains intact, which means the rally in prices is unlikely sustainable.
"We've got very big stockpiles in the U.S. that have doubled in the last few years, so I'm not so worried about the outlook for oil and I see it drifting a bit lower," said Martin, referring to how a more energy independent U.S. means its supply could help offset any disruptions in the Middle East.
"The blip up we have seen in oil prices will be short term," he added.
Panic over whether the U.S. would launch a military strike in reaction to Syria's use of chemical weapons on its own civilians sent Brent crude futures to highs of $117.34 a barrel this week, levels not seen since February. U.S. crude prices also climbed to over $112 a barrel, a high not seen since February 2011.
But on Thursday, a vote in the U.K. parliament vetoed military action against Syria, in a move many saw as likely delaying any strike, helping to ease market anxiety. As a result, prices have eased back over the past two days with Brent slipping below $115 a barrel and U.S. crude falling below $108 a barrel on Friday.