Oil eases as Fed's Jackson Hole meeting gets underway - Reuters

Oil eases as Fed's Jackson Hole meeting gets underway - Reuters:

Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.

Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.

Brent crude LCOc1 settled down 38 cents, or 0.6%, at $59.92 a barrel by 12:34 p.m. ET (1634 GMT), while U.S. West Texas Intermediate crude CLc1 ended the session 33 cents, or 0.6% lower at $55.35.

“The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates.