Oil prices slip as Saudi Arabia reassures on supply

LONDON - Oil prices fell in choppy tradeon Monday as reassurances from Saudi Arabia that extra supplyneeds could be met were tempered by Bank of America MerrillLynch warning that Libyan output could be reduced for months.

International Energy Agency chief economist Fatih Birol toldReuters Insider TV industry reports indicated around half ofLibya's production of 1.6 million barrels per day (bpd) had beencut, although other estimates had put the figure atthree-quarters.

Brent futures for April were 2 cents lower at $112.12 abarrel by 14:06 GMT. US crude was down 40 cents at $97.48 abarrel. Both benchmarks posted their highest weekly close intwo-and-a-half years last week.

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