Crude wavers ahead of Fed testimony
OilNSE 0.51 % wavered near $58 a barrel as investors awaited guidance from the Federal Reserve on interest rates while a stalled tanker in the Middle East highlighted the danger of supply disruptions.
Futures swung between gains and losses in an uncertain trading session in New York. Fed Chairman Jerome Powell is scheduled to testify to Congress on Wednesday and Thursday, with many investors wondering if last week’s healthy jobs report lessened the likelihood of a rate cut to boost the economy. The dollar jumped to its highest since mid-June, making crude sales less attractive.
In the Persian Gulf, a BP Plc ship remained parked off Saudi Arabia after Iranian officials suggested they might retaliate for the seizure of one of their own vessels last week.
