Crude futures were steady on Tuesday, maintaining recent firmness after comments from Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates will be kept low, while weekly oil inventory data is eyed.
FUNDAMENTALS
NYMEX crude for May delivery was up 2 cents at $107.05 a barrel by 8.36 p.m. EDT, after settling up 16 cents at $107.03 on Monday.
The contract rose as high as $108.25 on Friday, the highest intraday level since March 2, supported by concerns of the potential disruption of Iranian crude supplies due to Tehran's stand off with the West over the OPEC nation's nuclear program.
Weekly industry reports on U.S. inventories are due later in the day, with crude stocks expected to have risen last week, a Reuters survey of analysts showed on Monday.
Bernanke said on Monday accommodative monetary policy would support demand and, over time, drive down long-term unemployment. That underscored views that an easy monetary policy would remain in place for some time, which fanned expectations for more quantitative easing.
London Brent crude for May delivery was down 4 cents at $125.61 a barrel, after settling up 52 cents on Monday.
MARKETS NEWS
U.S. President Barack Obama on Monday accused Iran of having taken the "path of denial, deceit and deception" in the past but said there was still time for a diplomatic solution and that Iran had to act with a sense of urgency.
Obama and world leaders are scheduled to end a global summit on nuclear security in Seoul on Tuesday.
U.S. stocks rallied on Monday after Federal Reserve Chairman Bernanke suggested the central bank would continue supportive monetary policies even as the unemployment rate improves. .N
The euro jumped more than 1 percent against the yen on Monday on views U.S. monetary policy would stay loose for a while yet and hopes euro zone officials are ready to approve a boost to the region's financial firewall.