| GEO Business|
| Oil hovers near $63 in Asian trade|
| Updated at: 1142 PST, Thursday, July 30, 2009|
SINGAPORE: Oil prices paused near $63 a barrel Thursday in Asia after signs of weak U.S. crude demand triggered a sharp sell-off this week.
Benchmark crude for September delivery was down 19 cents to$63.16 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell$3.88 to settle at $63.35.
Crude prices have slid from above $69 earlier this week on investor concerns that a slow recovery from a severe recession will undermine demand from the U.S.