Crude Oil Tumbles as US Inventory Surprisingly Increased; FOMC More Upbeat on Outlook

Crude oil prices slumped on disappointing US inventory report. The front-month WTI and Brent crude contract fell -2.33% and -3.125 respectively. Heating oil and gasoline prices also declined -2.34% and -1.77% respectively. The FOMC meeting turned out more hawkish than expected. Policymakers, while leaving the powder dry as expected, turned more upbeat on economic developments.

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Crude Oil Tumbles as US Inventory Surprisingly Increased; FOMC More Upbeat on Outlook