Oil slides from record, Saudi says supplies sufficient

New York City - Oil slid from document highs on Thursday as top merchant Saudi Arabia insisted markets were amply provided in spite of falling U.S. supplies.

ATMP scale inhibitor .S. unrefined gave up 34 cents to $110.53 a barrel by 1:51 p.m. EDT after trading just one cent reluctant of the record $112.21 struck on Wednesday. London Brent crude fell 2 cents to trade at $104.45 a barrel, after striking an all-time high of $109.98 earlier.

"The market rallied on the weak dollar and Nigerian problems overnight, however Saudi broach a market well provided may have covered it," claimed Tom Bentz, expert at BNP Paribas Commodities Futures Inc

. Ali al-Naimi, oil preacher for top OPEC manufacturer Saudi Arabia, claimed materials sufficed as well as document prices were not as a result of a lack of oil, adding the Kingdom did not strategy to change present outcome.

"I am not going to pull back. I'm not going to dump crude on the market," Naimi told press reporters at a seminar in Paris.

"In my viewpoint, the oil market is well-supplied. The rate is not at that level due to any kind of scarcity in supply," he added.

Oil fired to fresh tops on Wednesday after federal government information revealed a surprise decrease in crude oil as well as fuel supplies.

Customer nations have consistently asked OPEC producers to raise production to assist relieve the sting of increasing costs.

OPEC ministers will participate in an industry gathering in Rome later on this month, however are not anticipated to call a meeting there to review result policy. Members of the cartel say that speculators are increasing costs, and claim a remarkable meeting prior to the scheduled September meeting is not required.

"There is no reason to have a conference due to the fact that the stock is developing as well as the market is well-balanced, yet certainly things can alter," a Gulf resource told Reuters on Thursday.

Oil also has actually discovered support from the down U.S. buck, which touched a document low against the euro on Thursday before paring losses when European Reserve bank President Jean-Claude Trichet did not substantially transform his growth as well as inflation views for the euro zone.

A weak dollar has a tendency to enhance rates for dollar-denominated commodities by enhancing non-U.S. spending power and drawing capitalists seeking a rising cost of living hedge.

Oil also found toughness earlier Thursday after investors claimed shipments of Nigerian Qua Iboe crude would certainly be postponed for a second month.

China also revised up its 2007 GDP growth by 0.5 percent indicate 11.9 percent, sustaining expectations the large power customer's oil need would not be struck by the international credit report dilemma that has hit U.S. fuel use.