Oil prices traded slightly lower on Friday as markets prepped for a speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Symposium.
New York-traded West Texas Intermediate crude futures slipped just 2 cents, nearly unchanged on a percentage basis, to $55.33 a barrel by 7:44 AM ET (11:44 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., fell 12 cents, or 0.2%, to $59.80.
The speech at 10:00 AM ET (14:00 GMT) is expected to provide clues on whether the U.S. central bank will cut interest rates for a second time this year to boost the world's largest economy.
Oil markets are keen on economic stimulus to support demand for crude which has been falling amid the global slowdown.
Source : Investing.com