Oil prices steadied Wednesday after tumbling more than US$3 a barrel in the previous session on a strengthening U.S. dollar and data showing a dramatic drop in American fuel demand, the Associated Press reported. Trading was cautious in Asia as market participants awaited the U.S. Federal Reserve's decision on interest rates later Wednesday. Light, sweet crude for June delivery rose 20 cents to US$115.83 a barrel on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell US$3.12 to settle at US$115.63 a barrel Tuesday after the release of a monthly report from the U.S. Energy Department. In other Nymex trading, heating oil futures rose 0.75 cent to US$3.254 a gallon (3.8 liters) while gasoline prices rose 0.23 cent to US$2.9415 a gallon. Natural gas futures fell 4.2 cents to US$10.8 per 1,000 cubic feet. Brent crude futures rose 28 cents to US$113.71 a barrel on the ICE Futures exchange in London.
