Oil recoups losses as OPEC, U.S. Fed see robust economy - Reuters

Oil recoups losses as OPEC, U.S. Fed see robust economy - Reuters:

Oil prices reversed early losses on Wednesday after OPEC said it saw no signs of global recession and rival U.S. shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by U.S. Federal Reserve Chair Jerome Powell, who said the U.S. economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures LCOc1 stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1% earlier in the day. U.S. West Texas Intermediate crude CLc1 was at $56 per barrel, up 20 cents or 0.4%.

“The baseline outlook remains favorable,” Powell said.