Crude steady after Bernanke comments, data 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.

"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"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. <USD/>

DATA/EVENTS

The following data is expected on Tuesday: (Time in EDT)

- 7.45 a.m U.S. ICSC chain stores yy Weekly

- 9.00 a.m U.S.

CaseShiller 20 mm nsa Jan

- 900 a.m U.S. CaseShiller 20 yy Jan

- 10.00 a.m U.S. Consumer confidence Mar

- 4.30 p.m. U.S. API weekly crude stocks Mar 23

- 4.30 p.m.

"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"U.S. API weekly dist. stocks Mar 23

- 4.30 p.m. U.S. API weekly gasoline stk Mar 23

(Reporting by Risa Maeda; Editing by Ed Davies)

.