Oil wavered near $58 a barrel as investors awaited guidance from the Federal Reserve on interest rates while a stalled tanker in the Middle East highlighted the danger of supply disruptions. Futures swung between gains and losses in an uncertain trading session in New York. Fed Chairman Jerome Powell is scheduled to testify to Congress on Wednesday and Thursday, with many investors wondering if last week’s healthy jobs report lessened the likelihood of a rate cut to boost the economy. The dollar jumped to its highest since mid-June, making crude sales less attractive. Crude has slipped this month despite heightening risks of a military confrontation with Iran and a decision by the Organization of Petroleum Exporting Countries and its allies to extend output curbs. Although the US and China announced a resumption of trade talks late last month, worries persist that a slowing global economy is undermining demand for fuels.
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