Oil edges up to $124 after big drop

Oil prices up, after shedding nearly $4 a barrel in the previous day's session Midday in Europe: Light, sweet crude for Sept. delivery up 14 cents to $124.58 Falling demand in the U.S. seemed to be the key factor driving prices down Threat by Nigerian militants to destroy pipelines did little to slow crude's decline (AP) -- Oil prices edged up Thursday after shedding nearly $4 a barrel in the previous day's session on concerns that high fuel prices are dampening demand in the world's biggest energy consumer. By midday in Europe, light, sweet crude for September delivery was up 14 cents to $124.58 a barrel in electronic trading on the New York Mercantile Exchange after rising above $125 earlier in the day. The contract on Wednesday dropped $3.98 to settle at $124.44 a barrel, crude's lowest finish in floor trade since June 4.... [read full story]