Oil Is Steady Near $55 as Global Slowdown Reduces Fuel Demand

Nov. 18 (Bloomberg) -- Crude oil was steady near $55 a barrel after Japan entered its first recession since 2001 and China's largest oil producer said demand dropped ``sharply.''
Oil closed at a 21-month low yesterday after the economy in Japan, the world's third-biggest oil-consuming country, contracted 0.4 percent in the third quarter. China National Petroleum Corp. said demand has fallen since September because of credit-market turmoil.