Oil prices shed yesterday some of their gains made on Wednesday as analysts noted that the United States-British raids on Iraq did not appear to have disrupted the country's oil supplies. Brent blend crude stood at US$10.90 a barrel for February delivery in late afternoon trade, down from Wednesday's close of $11.36. 'We have got an oil glut at the moment,' Barclays Capital economist Brian Martin said. 'The shock value of the bombings in Iraq are not going to make any difference. 'If it escalates into a full-scale war and the whole [Middle East] region becomes unable to export, then it would have an impact.' Reports from traders who monitor oil flows from Iraq, where 1.8 million barrels per day are pumped, said there did not appear to be any interruption in supply. Traders also watched closely a meeting of oil ministers of three of the world's largest oil producers - Venezuela, Saudi Arabia and Mexico. Other oil producers hope they may agree to implement supply cuts in a bid to ease huge oil stockpiles.