Singapore: Oil prices were firmer in the Asian trade on Monday, steadying after incurring sharp losses on Friday.
The strengthening of the oil prices came as concerns over Iran's nuclear programme offset downward pressure from healthy stocks in the United States, said the oil dealers.
At 0800 IST, New York's main contract, light sweet crude for June delivery was up 16 cents to 68.69 dollars a barrel from its close of 68.53 dollars in the United States Friday.
Brent North Sea crude for June delivery was at 68.83 dollars, up 15 cents.
"This Iran situation is far from over," said Tony Nunan, a Tokyo-based energy risk manager for Mitsubishi Corp.
US Secretary of State Condoleezza Rice said that the United States would not offer security guarantees to Iran to end its nuclear programme, continuing the harder US line on Tehran.
"Iran is a troublemaker in the international system, a central banker of terrorism. Security assurances are not on the table," she told Fox News on Sunday.
Analysts worry that Iran, the world's fourth largest producer of crude, will cut its crude exports if faced with UN sanctions.
Meanwhile, adding downside pressure to the market is the continued build of gasoline (petrol) stocks in the United States.
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