Crude oil prices saw a modest recovery on August 27. West Texas Intermediate (WTI) traded around $82.90 per barrel. Brent crude traded near $87.65 per barrel.
Prices held steady despite hotter-than-expected U.S. Personal Consumption Expenditures (PCE) data. This resilience suggests the physical market provides a floor under current prices. This follows a more than 7% decline in the prior two sessions.
Market participants now look ahead to Federal Reserve Chair Kevin Warsh's policy address. He speaks at the Jackson Hole economic symposium on Friday.
His commentary is highly anticipated. It is expected to provide further direction for oil and broader financial markets.
Trading is expected to remain cautious until then. Investors await instruction on the future path of monetary policy.