Oil bounces off four-month low, turns positive as stocks rally - Reuters

Oil bounces off four-month low, turns positive as stocks rally - Reuters:

Oil prices turned positive on Tuesday, tracking a rally in global stock markets, with Brent crude recovering from a four-month low touched earlier in the session.

World stocks rallied after comments from U.S. Federal Reserve Chairman Jerome Powell drove expectations of a cut in interest rates.

Oil’s gains were triggered by the rally in stocks following the Fed comments, said Andrew Lipow, president of Lipow Oil Associates in Houston.

Brent futures were up 49 cents, or 0.8%, at $61.77 a barrel by 12:16 p.m. EDT (1616 GMT). The global benchmark fell as low as $60.21 earlier, its weakest since January.

U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.3%, to $53.42, rising about a dollar from its session low.