Oil steady

Reuters

New York

Oil prices were largely unchanged in a volatile session, as traders reacted to comments from Fed Chair Janet Yellen and reports of missile activity in Saudi Arabia.

The market was taking its cues from the movement in the dollar, which has been choppy following Yellen's remarks.

At one point, crude benchmarks were up as much as 2 percent before drifting lower.

Brent crude futures settled at $49.92, up 25 cents or 0.5 percent. U.S. crude ended the session 31 cents higher at $47.64.Prices gathered support briefly from Baker Hughes data showing that U.S. oil drillers kept rig count steady after eight weeks of additions.

The market was primed to react to Yellen's speech in Jackson Hole, Wyoming, as her remarks initially caused a big rally in the dollar, which caused oil to slip.

Oil prices touched the day's highs after reports of Yemeni missiles hitting Saudi Arabia's facilities, traders said.