Oil prices decline amid caution ahead of Jerome Powell’s remarks

Oil prices slipped on Thursday, still under pressure from the previous day’s weak data from major economies, which had investors worried about the demand outlook ahead of a speech from U.S. Federal Reserve Chair Jerome Powell.

Brent crude fell 18 cents, or 0.2%, to $83.03 a barrel by 2:08 p.m. EDT (1808 GMT). U.S. West Texas Intermediate crude fell 16 cents, or 0.2%, to $78.73 a barrel. At their session low, both sessions were down by more than a dollar.