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BP boss Bob Dudley said Wednesday he was "very bearish" on oil prices for the first half of 2016, but forecast supply and demand would balance in the second half. "We have been bearish for two years now on the price of oil and we are very bearish on this first half of the year," Dudley told the International Petroleum Week industry conference in London, indicating that price levels would remain subdued. "Some time in the second half of the year, in the third or fourth quarter, we actually believe the daily supply and demand" will be balanced, he added.
By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) - Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress. In remarks that combined a steady-as-she-goes account of Fed policy with an acknowledgement of intensifying risks, Yellen said there are good reasons to believe the United States will stay on a path of moderate growth that will allow the Fed to pursue "gradual" adjustments to monetary policy.