Crude Steady Ahead of Bernanke, Obama Speeches
NEW YORK--Crude futures were nearly flat as traders waited for more clues on how policy makers will act to spur the economy.</br></br>Light, sweet crude for October delivery was up 16 cents, or 0.2%, at $89.50 a barrel in early trade on the New York Mercantile Exchange. Brent crude on the ICE futures exchange edged 0.2% higher at $115.97 a barrel.</br></br>After rising to one-month highs Wednesday, oil futures are holding steady ahead of speeches by Federal Reserve Chairman Ben Bernanke and President Barack Obama. The U.S. officials are expected to provide some indications of how the government will tackle stalled economic growth.</br></br>The fate of the broader economy has become the main driver of crude prices in recent weeks. Traders are concerned that Europe's debt crisis could push major economies back into recession, hurting oil demand.</br></br>Oil futures have followed the stock market as a proxy for economic growth expectations.