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Oil prices were steady below $55 a barrel on Wednesday in Asia as investors paused to examine the extent of global economic weakness, which has sent crude down more than 60% in four months.

Light, sweet crude for December delivery was up 19 cents to $54.58 a barrel in electronic trading on the New York Mercantile Exchange by midday 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% 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 1.8%, Hong Kong’s Hang Seng index dropped 0.3% and the Korea Composite Stock Price Index slid 3.2%. READ MORE…