Oil prices fall back in Asia after record near $$127
Oil prices fell back Wednesday in Asia after hitting a record near $$127 a barrel in the previous session on concerns Iran may consider cutting oil production.Iranian officials denied in later news reports that production cuts were imminent but acknowledged a reduction has been discussed.Light, sweet crude for June delivery dropped 35 cents to $$125.45 a barrel in electronic trade on the New York Mercantile Exchange by midafternoon in Singapore.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day's big gains, as the US dollar rebounded.