Double-digit increase in inventory weighed on crude oil prices, almost erasing all gains made over the past 2 days. Relatively strong US dollar following the FOMC minutes added to the pressure. The front-month contract for WTI crude oil plunged to a 2-day low of 50.37 before settling at 50.42, down -6.60%, while the Brent crude contract fell to 55.45 before ending the day at 55.55, down -6.01%. Gold slumped on USD’s strength.
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