Oil rally stalls with Federal Reserve warning countering production cuts

Oil steadied after a four-day gain as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook.

Futures in New York for July delivery were little changed near $32 a barrel after the June contract closed at a 10-week high as it expired. Federal Reserve Chairman Jerome Powell warned Americans could start losing their homes and that long-term unemployment could damage the economy. A report that a virus vaccine study that boosted assets earlier in the week didn’t produce enough critical data to assess its success added to the cautious tone.