Oil prices slipped on Tuesday as an edgy market was unnerved by OPEC wrangling over a possible delay to supply tightening measures, while traders looked ahead to weekly stock figures from the United States. London Brent crude futures fell 13 cents $32.67 a barrel, while U.S.light crude fetched 16 cents less at $36.89 Prices have slipped from last week's 13 year closing-high of $38.50 for U.S. crude, helped down by speculation that OPEC might hold off on a cut it announced last month to take effect from April 1. Cartel ministers meet on March 31 in Vienna to review policy, and a senior OPEC delegate told Reuters on Monday the producers' group could consider delaying the one million barrel cut in daily production until June. United Arab Emirates' Oil Minister Obaid bin Saif al-Nasseri said the idea, along with other options, would be discussed in Vienna, but Qatari Oil Minister Abdullah al Attiyah he had not heard the suggestion and would not support any postponement. OPEC's February 10 decision of the April cut has helped fuel 13 percent gains in U.S. crude prices over the last month and a half. U.S. futures' price peak last week was also helped by soaring Chinese consumption, low U.S. fuel inventories and fears of attacks that could disrupt oil supplies.
High prices have attracted concern from importer nations, who fear for an impact on economic growth. On Tuesday, Saudi Oil Minister Ali al-Naimi met the chief of the International Energy Agency in Riyadh and stressed the kingdom's commitment to stabilising world oil markets, the Saudi Press Agency reported. The IEA monitors oil markets for the world's leading oil consuming nations of the Organisation for Economic Cooperation and Development. SPA said Naimi told the IEA's Claude Mandil that the kingdom, the world's biggest oil exporter, had reaffirmed Riyadh's commitment to "market stability in a way that would benefit consumers and producers alike." The price of OPEC's reference basket of crudes slipped to $32.46 on Monday, still far above the top end of the $22-$28 range it says it prefers. Analysts said the wait for weekly data on U.S. inventories, due for release on Wednesday, would keep price action subdued. "We think prices will continue to remain on the defensive this week in light of what we think is the strong possibility that OPEC will decide on passing on the cuts," said Man Energy's Edward Meir. "However, uncertainty about tomorrow's inventory figures and unease emanating from events in the Middle East should help check any major decline." Analysts polled by forecast U.S. inventories to have risen for a fourth week in a row last week, attributing an estimated 2.25 million barrel crude build to heavy imports, although gasoline supplies were expected to have fallen.///