NEW YORK, April 10: Oil slipped from record highs on Thursday as top exporter Saudi Arabia insisted markets were amply supplied despite falling US inventories.

US crude gave up 34 cents to $110.53 a barrel by 1750 GMT after trading just one cent shy of the record $112.21 struck on Wednesday. London Brent crude fell 2 cents to trade at $104.45 a barrel, after hitting an all-time high of $109.98 earlier.

“The market rallied on the weak dollar and Nigerian problems overnight, but Saudi talk of a market well supplied may have capped it,” said Tom Bentz, analyst at BNP Paribas Commodities Futures Inc.

Ali al-Naimi, oil minister for top Opec producer Saudi Arabia, said supplies were adequate and record prices were not due to a lack of oil, adding the Kingdom did not plan to change current output.“I am not going to pull back”. —Reuters