Oil steady in Asian trade

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Oil prices steadied in Asian trading Thursday after shedding nearly US$4 a barrel in the previous session on concerns that high fuel prices are dampening demand in the world's biggest energy consumer.

Light, sweet crude for September delivery fell 24 cents toUS$124.20 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract on Wednesday droppedUS$3.98 to settle at US$124.44 a barrel, crude's lowest finish in floor trade since June 4.

Brent crude for September delivery fell 19 cents to US$125.10 a barrel on the ICE Futures exchange in London.

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