FOMC to Move Closer to Monetary Tightening

Crude oil prices extended the selloff as the US dollar soared ahead of the FOMC meeting. The front-month contract for WTI crude oil fell to as low as 44.53, a level not seen since 2009, while the Brent crude contract dropped to a 1-month low of 53.64. Macroeconomic data in the US have been encouraging, heightening speculations of a Fed funds rate hike in June .

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FOMC to Move Closer to Monetary Tightening