Oil Tumbles as Inventory Increased Much More than Expected

Commodities slumped in US session as macroeconomic data showed more downside surprises. Meanwhile, the bigger-than-expected increase in crude oil inventory triggered sharper selloff in the oil market. The front-month contract for WTI crude oil extended weakness to a 1-week low of 98.48 while the equivalent Brent crude contract fell to as low as 113.74. Gold reversed yesterday's gains German Chancellor Angela Merkel said she is committed to the common currency. Interestingly, gold fell in light of euro's strength.

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Oil Tumbles as Inventory Increased Much More than Expected