Futures Movers: Oil prices retreat ahead of Yellen’s speech

Crude oil prices stepped lower on Friday as market players waited for Federal Reserve Chairwoman Janet Yellen’s speech later Friday for hints on U.S. monetary policy.

On the New York Mercantile Exchange, crude futures for delivery in October CLV6, -0.04% traded at $47.24 a barrel, down 9 cents, or 0.2%. October Brent crude on London’s ICE Futures exchange LCOV6, -0.34% fell 20 cents, or 0.4%, to $49.47 a barrel.

Yellen is due to deliver a speech at 10 a.m. Eastern Time at the annual central bankers’ summit at Jackson Hole, Wyo. Analysts and economists will scrutinize her remarks for clues about rate increases in the coming months and the Fed’s preparations to tackle the next economic downturn.

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