Powell: Impact on Oil Prices

  • last year
Oil prices steadied on Thursday after earlier declines caused by disappointing economic data. Investors are awaiting the speech by US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium on Friday for clues about the central bank's interest rate policy path. Weaker manufacturing data from major economies like China, Japan, and Germany weighed the oil demand outlook. US officials are proposing to ease Venezuela's sanctions to allow more imports of its crude oil if the country moves toward free elections. Analysts expect Saudi Arabia to extend its 1 million bpd voluntary output cut into October to support the market.

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