Published March 29, 2016 12:33pm EDT | Updated March 29, 2016 1:04pm EDT

Oil Futures Pare Losses As Yellen Cautious On Rate Hikes

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.