Oil markets were steady this morning as a ruling by a top German court helped reduce fears that eurozone bail-out efforts might get stalled.

US crude stood at $89.53 a barrel and Brent crude remained at $115.58.

The market was also supported by the 37% shutdown of oil production from the US Gulf Coast due to heavy storms, which led to a steep fall in oil stocks amounting to three million barrels last week.

Investors are awaiting US President Barack Obama’s speech about employment and a European Central Bank rate-setting meeting.