By Steve Gelsi
NEW YORK (MarketWatch) -- Oil on Tuesday continued its retreat from a 29-month high in the previous session, as other Middle East oil producers moved to step up their output to fill the gap left by Libya. Light, sweet crude futures for West Texas Intermediate crude fell 51 cents to $104.93 a barrel. Earlier on Tuesday, crude oil for April delivery declined to $103.33 a barrel in electronic trading on Globex. On Monday, crude oil for April delivery (CLJ11 105.22, -0.22, -0.21%) ended at $105.44 a barrel on the New York Mercantile Exchange. The contract hit an intraday high of $106.95 a barrel.
