REFILE-Oil prices eke out small gains ahead of Fed Chair speech

(Fixes typo in "at' in fifth paragraph)
* Fed divided over further interest rate cut to boost
economy
* Oil prices on track for 2nd weekly gain

By Florence Tan
SINGAPORE, Aug 23 (Reuters) - Oil prices clawed back the
previous day's losses on Friday, with Brent nudging above $60 a
barrel, as tighter supplies from key producers offset slowing
demand growth while investors await clues from the Federal
Reserve on U.S. monetary policy.
Brent crude LCOc1 rose 10 cents to $60.02 a barrel by 0118
GMT, while U.S. crude futures CLc1 were at $55.38 a barrel, up
3 cents. Both contracts were on track for a second weekly gain.
"Oil is set to trade quietly today as it's all about the
Jackson Hole (meeting) tonight," Jeffrey Halley, a
Singapore-based senior market analyst at brokerage Oanda.
"What we're seeing is some profit-taking in Asia in very
light volumes."
A speech by Federal Reserve Chair Jerome Powell later on
Friday at a meeting of central bankers in Jackson Hole is
expected to provide some clues on whether the Fed will cut
interest rates for a second time this year to boost the U.S.
economy.
Traders' expectations of further U.S. monetary easing were
clouded by comments from two Fed officials who said on Wednesday
that they do not see a case for a rate cut now. A reduction in interest rates could strengthen the U.S.
dollar against other currencies and make dollar-denominated oil
more costly for investors.
Oil prices are down for nearly two straight months after the
International Energy Agency and the Organization of Petroleum
Exporting Countries cut demand growth forecasts as a simmering
U.S.-China trade war hit global economic growth.
However, oil prices remained supported by production cuts
from OPEC members and Russia while U.S. sanctions have sharply
reduced exports from Iran and Venezuela.