Pakistan, Aug. 24 -- 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 and investors await clues on the US Federal Reserve's monetary policy.
Brent crude rose 29 cents, or 0.5%, to $60.21 a barrel by 0629 GMT, while US crude futures were at $55.53 a barrel, up 18 cents, or 0.3%. Both contracts were on track for a second week of gains.
"Oil is set to trade quietly today as it's all about the Jackson Hole (meeting) tonight," said Jeffrey Halley, a Singapore-based senior market analyst at brokerage OANDA.
A speech by Fed Chair Jerome Powell later on Friday at a meeting of global central bankers in Jackson Hole, Wyoming, is ex...