Oil steady in Asia after record close

Courtesy Topix - Business News  Tue, 05/20/2008 - 12:29

Oil prices held steady Tuesday in Asia after closing overnight above $127 for the first time on news that OPEC will not increase its output before its next meeting in September.

'Current prices aren't linked to the law of supply and demand,' said Algerian Energy Minister Chakib Khelil, the current president of the Organization of Petroleum Exporting Countries, according to government newspaper El Moudjahid.

Late afternoon in Singapore, light, sweet crude for June delivery was up 10 cents...

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