Oil prices calm as markets mull Iran missile test

Oil prices held steady Wednesday after two days of sharp declines, as news that Iran tested a long-range missile capable of hitting Israel pushed up prices temporarily.
The market shook off news of another slump in US oil inventories and also digested a pledge by the Group of Eight leaders to make the oil market more transparent to help stabilize supplies and investment.
New York's main oil contract, light sweet crude for August delivery, rose a penny to settle at 136.05 dollars per barrel.
London's Brent North Sea oil for August gained 15 cents to settle at 135.58 dollars.
Prices have tumbled some 10 dollars from record highs a week ago, and analysts say the market remains sensitive to any news with a potential effect on supply or demand....