Crude oil futures turn in slight gains on comments being delivered by Fed Chairman Ben Bernanke, urging Congress to replace sequestration with more gradual cuts to government spending. *** REPORTED EARLIER: Crude Oil Falls Amid Renewed Euro Zone Worries After Italian Vote By Ben Winkley LONDON--Crude oil futures fell sharply in London Tuesday morning as the uncertainty caused by a likely political deadlock after elections in Italy renewed worries over the economic health of the broader euro-zone region. At 0825 GMT, the front-month April Brent contract on London's ICE futures exchange was down $1.05 at $113.39 a barrel. The front-month April light, sweet crude contract on the New York Mercantile Exchange was trading 85 cents lower at $ 92.96 a barrel. Italy's "partial election results point to a deadlock where it could be impossible to govern and again the domino effect was mentioned to justify the dreadful performance for the global markets," Capital Spreads said in a note to clients. Write to ben.winkley@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires (END) Dow Jones Newswires

Source