Singapore (AP) Oil prices held steady today in Asia after blasting to a record near $104 a barrel and then falling back.
Oil futures, propelled by the weak U.S. dollar, climbed past $103.76 a barrel Monday on the New York mercantile exchange. That broke what many analysts consider to be the true record high for oil after the $38 per barrel price from 1980 is adjusted for inflation.
On Tuesday, light, sweet crude for April delivery lost 13 cents to $102.32 a barrel in Asian electronic trading by midday in Singapore. The contract hit $103.95 a barrel Monday before retreating to settle at $102.45.