New York Mercantile Exchange (Nymex) June futures were last traded on Access during at 0830 GMT at $15.90 per barrel, down five cents from New York's close on Monday and down 23 cents from New York's close on Friday.

June Brent crude futures last traded on the Singapore International Monetary Exchange (Simex) at $14.90, down 23 cents per barrel from Friday.

Brent did not trade on Monday to mark a National holiday in Britain. The June contract settled at $15.13 in London on Friday.

Crude futures rallied in London and New York on Friday on speculation that Venezuela, Mexico and Saudi Arabia -- the Riyadh Pact architects -- would meet over the weekend to plan further cuts in output. Venezuelan oil Minister Erwin Arrieta and his Mexican counterpart Luis Tellez met to discuss technology agreements on Friday and the presence of Saudi oil minister Ali al-Naimi inthe US on scheduled business sparked speculation that the three might meet.

However, on Monday and Tuesday there had been no news any such meeting took place and prices came off. On Nymex in New York on Monday, the June contract fell 18 cents to $15.95 compared with Friday's close.

By mid-afternoon Asian time on Tuesday, a further five cents had been shed in after-hours trading on Access.

IN Washington overnight, Naimi appeared to indicate that the three producers might meet.

He replied "yes" when asked if he was to meet his Venezuelan and Mexican counterparts later in the week.

But the Mexican energy ministry later denied categorically that any such meeting was planned.

A meeting of the three countries in March led to global oil cuts of around 1.5 million barrels per day, which mostly came into effect in April.

In recent weeks, several Opec oil ministers have voiced support for further cuts to boost oil prices, which have remained stubbornly low since the Riyadh Pact came into force.