Oil prices eke out small gains ahead of Fed Chair speech

Oil prices clawed back the previous day's losses on Friday, with Brent nudg...

SINGAPORE - Oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on U.S. monetary policy.

Brent crude LCOc1 rose 10 cents to $60.02 a barrel by 0118 GMT, while U.S. crude futures CLc1 were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain. Traders’ expectations of further U.S. monetary easing were clouded by comments from two Fed officials who said on Wednesday that they do not see a case for a rate cut now.

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