Oil Gains Before Fed Chair Testimony While Mideast Risks Linger - Bloomberg

Oil Gains Before Fed Chair Testimony While Mideast Risks Linger - Bloomberg:

Oil rose to trade near $58 a barrel in New York as investors awaited guidance from the Federal Reserve on interest rates and as tensions in the Persian Gulf maintained the risk of supply disruption.

West Texas Intermediate futures added 0.8%, recouping earlier losses. Fed Chairman Jerome Powell is scheduled to testify to Congress on Wednesday and Thursday, likely giving investors clues on the path for U.S. monetary policy. Tensions in the Middle East remained high, as BP Plc kept a ship in the Persian Gulf for fear it might be seized by Iran in retaliation for British forces arresting a vessel carrying the Islamic Republic’s crude last week.