Oil prices have fallen slightly from record territory after reaching nearly $104 a barrel yesterday, as the Organization of the Petroleum Exporting Countries is expected to decide to hold output steady at its Wednesday meeting, the Associated Press reported.

The dollar’s decline to record-low levels helped push oil futures past $103.76 a barrel yesterday on the New York Mercantile Exchange before retreating. Light, sweet crude for April delivery traded as high as $103.95 a barrel yesterday before retreating to $102.45, up 61 cents from the end of last week. Today it was at $102 a barrel in electronic trading by midday in Europe. In London, Brent crude futures fell 36 cents to $100.12 a barrel by midday European time.

OPEC is expected to decide not to boost production given the U.S. economic slowdown, political turmoil in the Middle East and expectations of a decrease in global demand for crude, said OPEC President Chakib Khelil.

Analysts’ predictions for future oil prices vary widely from an eventual decline to $65 to $70 per barrel as supplies continue to grow and demand falls, to prices rising as high as $120 as more investment capital flows into oil.