• Oil edged lower, with technical support levels limiting its losses amid risk-off sentiment in broader markets.
  • West Texas Intermediate slipped 0.7% to just over $78 a barrel after fluctuating in a $2 range for the day. Equity markets dropped as traders weighed mixed economic data ahead of Federal Reserve Chair Jerome Powell’s testimony in Congress. Crude’s 200-day moving average of about $77.84 has provided resistance for its declines.