Oil prices steadied on Friday, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world’s largest economy.
Brent crude futures, the international benchmark for oil prices, fell 8 cents to $59.84 a barrel by 0952 GMT but was up about 2.1 per cent on the week. US West Texas Intermediate (WTI) crude futures slipped by 3 cents to $55.32, up 0.8 per cent this week.
“For now, it all comes down to Powell’s projected bias on Friday. Does he insist on the robustness of the US economy or does he highlight the growing downside risks? Investors’ interpretation of Powell’s policy bias is set to sway markets,” said FXTM market analyst Han Tan. Read More
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