Oil futures extended the slide this morning, but the trade remains tight after prices slipped from thier highest level in a month amid renewed concerns about the global economy recovery.
The markets are in this sideways trade apparently, with prices lingering around key levels for the past few days, as investors await further clues about the health of the global economy, and especially from China, the world`s top oil consumers.
But, today markets will be refocused on the Federal Reserve, with janet Yellen returning to Washington to terstify before the Senate banking committee.
So traders basically will be looking into her comments on recent economic data and weather effects, which might give further hints into the next direction. As of 03:16 a.m. ET:
- WTI Crude for April delivery fell 0.27% to $102.32 a barrel
- Brent Crude fell for April delivery fell 0.13% to $109.38 a barrel