Oil futures pared some of their losses on Tuesday after U.S. Federal Reserve Chairwoman Janet Yellen said caution on interest-rate hikes is justified. The U.S. dollar weakened in the wake of her comments, offering some support for dollar-denominated oil prices. May WTI crude traded at $38.41 a barrel on the New York Mercantile Exchange, down 98 cents, or 2.5%. It was trading around $38.19 before Yellen's speech.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.