Oil prices down on Saudi assurance

SINGAPORE: Oil prices inched lower in Asian trade Tuesday after the world's leading crude producer Saudi Arabia vowed to help stabilise prices.

New York's main contract, West Texas Intermediate crude for delivery in April, shed 53 cents to $107.56 per barrel while Brent North Sea crude for May settlement was down 34 cents at $125.37.

According to a report on the English daily Arab News, the Saudi cabinet on Monday released a statement vowing to "ensure adequate oil supply, stabilise (the) oil market and bring down oil prices to reasonable levels to both producers, consumers, and the petroleum industry".

The cabinet made the statement after reviewing the results of last week's international Energy Forum in Kuwait, the Saudi-based newspaper said.

Saudi oil minister Ali al-Naimi last week said the kingdom stood ready to cover any shortfalls of crude supplies in the market, blaming speculation as the main cause for the price volatility. (AFP)