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Oil steady after record near $127 a barrel

Email|Print|Single Page| Text size – + By John Wilen
AP Business Writer / May 13, 2008

BANGKOK, Thailand—Oil has steadied in Asia after falling back from a trading record near US$127 a barrel.

By midmorning Wednesday in Singapore, light, sweet crude for June delivery had dropped 11 cents from the overnight close to US$125.69 a barrel in electronic trade on the New York Mercantile Exchange.

Oil prices shot to a trading record of US$126.98 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Iranian officials denied in later news reports that production cuts were imminent but acknowledged a reduction has been discussed.

June crude futures finished the previous session at US$125.80 a barrel.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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