Commodity Prices Slumped as Bernanke Downplayed QE3 Needs

The commodity sector slumped on Thursday after the Fed Chairman Ben Bernanke downplayed the possibility of further easing at the testimony before the Congress. The front-month contract for WTI crude oil initially soared to a 5-day high of 57.03 before reversing and ending the day at 84.82 while the equivalent Brent crude contract also erased early gains and settled at 99.93, losing -0.71%.

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Commodity Prices Slumped as Bernanke Downplayed QE3 Needs