1. Place the oil in a fondue pot or medium saucepan and heat over moderately high heat for about 10 minutes, or until quite hot. (To test: Place a few breadcrumbs into the oil; they'll sizzle if it's hot enough.)
2. While the oil is heating, trim any excess fat off the beef and cut into 1-to 1 1/2 inch cubes. Place in a bowl and season lightly with salt and pepper.
3. Remove fondue pot from the stove and set it over Sterno or a candle. Spear a piece of meat on a fork or skewer and dip it into the hot oil. (The oil should bubble furiously; if it doesn't, it isn't hot enough. Return the fondue pot to the stove for a few minutes over high heat and try again.) For medium beef, cook about 5 to 8 minutes. When the beef is cooked, remove from hot fork and place on plate to cool. Serve with dipping sauces.