The European Commission has played down reports that it is set to release some of its strategic oil reserves as part of an international campaign to bring down the price of crude.

The European Commission said on Tuesday there was currently "no question" of using strategic reserves, despite reports that ministers are to discuss the issue at a meeting on Friday.

"For the moment the Commission hasn't any definitive position on the use to be made of the reserves," a spokesman said.

Oil prices have fallen in recent days after the US announced that it would release supplies from its emergency reserves. But in early trade on Tuesday, the price of oil started to creep higher again.

By 1417 GMT, Brent crude for November delivery had risen 26 cents to $30.50 a barrel in London.

Robert Priddle, Executive Director at the International Energy Agency, said on Tuesday that the agency had not been approached by the EU about the use of oil reserves.

"The European Union members are 15 of our members and if they were considering action no doubt they would want to co-ordinate with the broader IEA membership," Mr Priddle told Reuters.

"I don't know of any country which intends to use stocks to match the American position. There are discussions but no decisions have been made," he added.

However, across Europe, ministers have been speaking out about their desire to see oil stocks released.

Spanish prime minister Jose Maria Aznar said he hoped that the European Union would agree next month to release some of its oil stocks.

"Europe should take a decision to contribute to reducing tension on the oil market and making the price fall," Prime Minister Aznar said.

French finance minister Laurent Fabius has proposed that European Union finance ministers discuss releasing the oil reserves under the terms of an EU directive, according to Belgian finance minister Didier Reynders.

Opec meets

The US decision to release 30 million barrels from the 570 million barrel Strategic Petroleum Reserve (SPR) in October has been supported by some ministers from oil producing countries.

"The SPR release will stabilise the price of oil," Saudi oil minister Ali al-Naimi said.

But not all ministers have welcomed the US move.

"It's an American decision, but Opec has decided to increase production from 1 October." Libyan oil minister Abdullah el-Badri said.

"In the spirit of co-operation between producers and consumers, they should have waited for the reaction to the Opec increase".

Ministers were arriving in Venezuela on Tuesday for a two-day meeting of the Organisation of Petroleum Exporting Countries (Opec), beginning on Wednesday.