Singapore ? Oil prices were steady near $61 a barrel today in Asia, pausing after a two-day plunge, but vulnerable to another steep fall as evidence of a severe U.S. recession continues to mount.

Light, sweet crude for December delivery was up 59 cents at $61.36 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Oil prices overnight fell $4.53 to settle at $60.77 after dropping $5.23 the previous day.

A slew of grim economic news Thursday led traders to dump oil on concerns over weakening demand for crude products, such as gasoline.