Oil reverses early losses, back above $47.00/bbl

Oil prices recovered early losses and turned green during the American afternoon, with the barrel of West Texas Intermediate back above the $47.00 level.

Crude oil prices wavered between small gains and losses as investors prepare for a speech by Federal Reserve Chair Janet Yellen at Jackson Hole and US Q2 GDP figures, all due tomorrow.

West Texas Intermediate crude oil for October delivery was trading at $47.08 a barrel, up 0.70% on the day, after touching a 1-week low of $46.42 and a high of $47.27/bbl.