Oil steadies after 1-year high above $79

Oil prices steadied after hitting a fresh 12-month high above $79 a barrel on Monday, taking a break from seven straight sessions of gains to see if corporate results continue to point to a strong global economic recovery.
U.S. earnings results could again be a key driver of oil prices this week with a spate of earnings from bellwethers including Apple Inc and Caterpillar Inc, after strong results lifted commodities across the board last week.
On Friday weak numbers from General Electric and Bank of America again clouded the economic outlook and may spur profit taking from oil's recent rally.
U.S. crude for November delivery touched a fresh high of $79.05 in early trading, but pared some gains to be up 4 cents at $78.57 a barrel .
London Brent crude crept up 6 cents to $77.05.