Crude futures dipped slightly Monday after the president of the Organization of Petroleum Exporting Countries assured traders over the weekend that the market is "well supplied." On the New York Mercantile Exchange, light, sweet crude for April delivery fell 16 cents to US$53.62 a barrel, mid afternoon in Asian electronic trading. Heating oil prices fell by less than a cent to US$1.4830 a gallon (3.8 liters). OPEC's President Sheikh Ahmad al-Fahd al-Sabah said in a statement Sunday that OPEC producers are concerned by the recent rise in oil prices, "despite the fact that the market is well-supplied and global crude oil stocks have continued to build, now standing above their five-year average." OPEC was monitoring the market closely and would review the outlook when the group meets in Isfahan, Iran, "to ensure market stability at a reasonable price," he said in the statement carried by the Associated Press.
