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Commodities Trade Lower Ahead of Fed Policy Announcement

June 19, 2019 at 11:05 by Vladimir Vyun

West Texas Intermediate crude oil was little changed today, while Brent crude declined as traders were cautious ahead of Federal Reserve’s monetary policy statement due for release at 18:00 GMT today. Crude also declined after a report showed that US crude oil inventories fell lest than was expected. American Petroleum Institute reported that the reserves shrank by 812,000 barrels last week, whereas market participants were counting on a 1.1 million barrels decline. Government data from the Energy Information Administration will come out at 14:30 GMT today. Market participants expect that it will show a decline by 1.5 million barrels. Contract for delivery of WTI crude oil in July slipped 0.07% to $53.86 per barrel as of 10:56 GMT on NYMEX today. Brent crude for delivery in August dropped 0.80% to $61.64 per barrel on ICE.

Metals declined ahead of the Fed announcement as well. Gold fell also because hopes for renewed trade negotiations between the United States and China improved the risk sentiment and bolstered global equities, reducing demand for safe assets among investors. Futures for delivery of gold in August fell 0.32% to $1,346.40 per troy ounce on COMEX today. July silver dropped 0.39% to $14.94 per ounce. Copper for delivery in September declined 0.33% to $2.6935 per pound.

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