Oil prices rose on Wednesday, underpinned by expectations of improved demand for the energy.
The West Texas Intermediate (WTI) for December delivery increased 0.32 dollar to settle at 57.12 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained 0.31 dollar to close at 62.37 dollars a barrel on the London ICE Futures Exchange.
Oil prices got some support after U.S. Federal Reserve Chair Jerome Powell said the current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track."
Noting "policy is not on a preset course," Powell said in his testimony to the Joint Economic Committee of Congress Wednesday that the Fed would respond accordingly "if developments emerge that cause a material reassessment of our outlook."
Powell's comments on the economic outlook have renewed hopes for stronger demand for energy, analysts noted.
Meanwhile, concerns over trade uncertainties and a supply glut continued to weigh on the market.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to discuss whether to implement bigger production cuts when they next meet in early December.
Editor:Cherie
