Oil steadies near five-week high ahead of Fed chair testimony

Oil held near the highest close in five weeks ahead of testimony from Federal Reserve Chair Jerome Powell that will provide clues on the path forward for monetary tightening.

West Texas Intermediate traded above US$80 a barrel after advancing for five sessions. 

Powell will begin two days of semiannual testimony before Senate and House committees in Washington later Tuesday. It will likely be his last public remarks before the Federal Open Market Committee meets March 21-22.

Crude has endured a bumpy year, whipsawed by concerns over further interest rate hikes from the Fed and a bullish outlook for Chinese demand following the end of COVID Zero.