Mubasher: Oil prices pared the prior session’s losses earlier on Friday, with Brent nudging above the $60 per barrel (pb) level, as a supply-tightening push by the world’s key producers mitigated the impact of tepid demand growth, Reuters reported.

This came amidst anticipation for the US Federal Reserve’s annual symposium, as investors will be awaiting hints on the direction of the central bank’s monetary policy.

At 4:22 am GMT, global benchmark Brent crude futures traded at 60.01 pb, while US Nymex futures edged up to $55.38 pb.

However, by 8:14 am GMT, Brent futures ticked down to $59.89 pb, while US crude futures inched down to $55.31 pb.

Oil prices dropped in July and were lower so far in August, after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) downgraded their demand growth outlook, citing risks to global economic growth from the escalating trade conflict between the US and China.

However, output cuts from OPEC members and non-affiliated producers, including Russia, and supply disruptions from US-sanctioned oil-rich Iran and Venezuela, remained bullish catalysts for oil markets.

“Oil is set to trade quietly today as it’s all about the Jackson Hole [meeting] tonight,” Singapore-based brokerage OANDA senior market analyst Jeffrey Halley was quoted by Reuters.

As far as the US economy is concerned, a speech by Fed Chairman Jerome Powell, due later on Friday at a meeting of global central bank officials is set to offer clues on whether the US central bank will slash interest rates for a second time this year.

Hawkish remarks by two Fed officials, including the head of Kansas City Fed, have clouded expectations of further US monetary policy relaxation.

“If Powell talks about lower for longer and reverses some of the hawkish comments that we heard from Fed members earlier this week, we could see it supporting oil,” Sydney-based CMC Markets chief market analyst Michael McCarthy was quoted by the news agency.