Metals, including gold, rallied on Wednesday after the Federal Reserve turned out to be extremely dovish, dropping its plans to hike interest rates further this year. That hurt the US dollar, helping
Crude oil rallied as well, not just because of the falling dollar, but also thanks to the unexpected drop of US inventories of crude. The stockpiles shrank by as much as 9.6 million barrels last week, whereas market participants were counting on an increase by 0.5 million barrels. Contract for delivery of WTI crude oil in May jumped 1.36% to $59.83 per barrel on NYMEX today. Brent crude rallied 1.32% to $68.5 per barrel on ICE.
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