Brent crude rose marginally towards $59 a barrel on Wednesday, helped by the Fed’s flexible stance towards interest rates and the eurozone’s approval of Greece’s reform plan.
U.S. crude meanwhile settled lower for the fifth consecutive session on Tuesday on the back of a more than expected crude stockbuild.
Federal Reserve Chair Janet Yellen suggested that the U.S. central bank is preparing to consider raising interest rates “on a meeting-by-meeting basis”, with the Fed having full flexibility to act in tandem with positive economic data.
Investors will also look ahead to world’s second-largest oil consumer China’s February purchasing manager index data due 0945 GMT for more signals on the health of the world economy.
Greece’s four-month extension of its financial rescue on Tuesday also supported prices, as euro zone partners approved its reform plan, easing fears of the country’s exit of the Eurogroup.