West TX Oil Steady Around $56 on U.S. Inventories

U.S. crude futures held steady on Tuesday as a drop in stockpiles at a key U.S. delivery point offset near record high production in Saudi Arabia and an expected build in U.S. oil inventories.

NYMEX crude for May delivery, which expires later in the day, was down 4 cents at $56.34 a barrel by 0000 GMT, after settling up 64 cents at $56.38 on Monday.

Crude prices have risen around 18 percent since the start of April, on speculation about falling U.S. output after the domestic oil rig count hit 2010 lows.