Oil prices were steady near 22-month lows Wednesday in Asia as investors paused to examine the extent of global economic weakness, which has sent crude down more than 60 percent in four months.
Light, sweet crude for December delivery was up 8 cents to $54.47 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Tuesday fell 56 cents to settle at $54.39, the lowest since January 2007. "Market sentiment is still bearish, but not as bearish as a week ago," said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore. "Volatility has come down and the market is consolidating a bit."
Stock markets have served for the past few months as a barometer of investor perceptions about the health of the global economy. The Dow Jones industrial average rose 1.8 percent Tuesday as Hewlett-Packard Co. said fourth quarter and 2009 results will exceed analyst expectations.
Most Asian stocks, however, fell Wednesday. Japan's benchmark Nikkei index fell 0.7 percent, Hong Kong's Hang Seng index dropped 0.5 percent and the Korea Composite Stock Price Index slid 1.9 percent. Complete story here
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