Oil steady above $122 a barrel after record

In its newsletter, Vienna's JBC Energy noted that the latest EIA forecasts on demand -an estimated 170,000 barrels a day lower in the second quarter of this year over the same period last year -also worked to keep a lid on prices and offered its own, lower forecast decline; 230,000 barrels a day.

In other Nymex trading, heating oil and gasoline futures were both up slightly at $3.3568 and $3.1024 a gallon. Natural gas futures were flat at $11.146 per 1,000 cubic feet.

In London, Brent crude futures rose 4 cents to $120.35 a barrel on the ICE Futures exchange.

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Associated Press Writer Gillian Wong contributed to this report from Singapore.