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Dovish Fed Chairperson Doesn’t Help Oil Prices

March 29, 2016 at 21:32 by Vladimir Vyun

While some commodities were rallying today, crude oil did not join the parade. The dovish comments of Federal Reserve chief Janet Yellen and the subsequent drop of the dollar did little to help oil prices.

According to analysts, the reason for the lackluster performance of crude is the outlook for continuing oversupply on the market. Traders wait for Wednesday’s reports from the American Petroleum Institute and the Energy Information Administration. Experts predict that the latter would Obstacle Course Bounce House show an increase by 3.1 million barrels of the already record high US stockpiles.

Futures for delivery of WTI crude oil in May dropped 2.16% to $38.54 per barrel as of 21:26 GMT on NYMEX today. Brent crude lost 2.28% of its value to $39.35 per barrel on ICE.

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