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Crude Oil & Precious Metals Log Huge Losses

March 23, 2016 at 20:21 by Vladimir Vyun

Crude oil declined due to the substantial build-up of US inventories. The Energy Information Administration reported that US stockpiles swelled by 9.4 million barrels last week, exceeding the average forecast of 2.5 million by a wide margin. The report reignited fears about oversupply on the market. Futures for delivery of WTI crude oil in May sank 4.1% to $39.75 per barrel as of 20:10 GMT on NYMEX. Brent crude declined 3.11% to $40.49 per barrel on ICE.

Gold and silver dropped as well as the US dollar was rising. Comments from Fed officials contradicted the dovish stance that the Federal Reserve had demonstrated in its policy statement last week, meaning that the greenback is still supported by the outlook for monetary tightening. April gold fell 2.25% to $1,220.5 per troy ounce on COMEX today. May contract for silver declined as much as 4.03% to $15.25 per ounce.

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