Oil prices were steady Wednesday in Asia after plummeting more than US$6 a barrel in the previous session, the Associated Press reported. Federal Reserve Chairman Ben Bernanke told Congress on Tuesday that «numerous difficulties» are racking the U.S. economy, and warned that rising prices for energy and food are elevating the risks of inflation. At the same time, the Labor Department reported that wholesale inflation jumped by 1.8 percent last month, a larger-than-expected gain. Over the past year, wholesale prices have risen 9.2 percent, the most since 1981. In late afternoon trading in Singapore, light, sweet crude for August delivery was up 11 cents at US$138.85 a barrel in electronic trading on the New York Mercantile Exchange. Crude plunged US$6.44, or 4.4 percent, Tuesday in New York to settle at US$138.74 a barrel. Over the course of the session, the contract rose as high as US$146.73 and fell as low as US$135.92. Prices hit a trading record of US$147.27 on Friday. The dollar fell to 104.15 yen in Asian currency trade, while the euro was slightly stronger at US$1.5928. August Brent crude fell 5 cents to US$138.70 a barrel on the ICE Futures exchange in London. In other Nymex trade, heating oil futures rose 0.9 cent to US$3.928 a gallon (3.8 liters) while gasoline prices fell 0.48 cent to US$3.38 a gallon. Natural gas futures fell 5.2 cents to US$11.425 per 1,000 cubic feet.
