Gold Extended Losses On Wednesday, Trading Below $1,200 An Ounce
ICM Brokers | Apr 09, 2015 03:23AM ET
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WTI crude oil futures plunged more than 6% on Wednesday to reverse its two-day rally, amid a sharp buildup last week when inventories rose by its highest weekly level in more than 13 years. The Energy Information Administration said in its weekly inventory report on Wednesday that U.S. crude oil storage increased by 10.95 million barrels for the week that ended April 3, more than tripling its expected count of 3.28 million. The figure represents the largest weekly buildup for WTI crude nationwide since 2001.The data added to earlier losses triggered by comments that Saudi oil production rose to 10.3 million barrels per day in March, the highest monthly total on record.
GOLD
Gold extended losses on Wednesday, trading below $1,200 an ounce after U.S. Federal Reserve minutes revealed an interest rate hike could take place as early as June. The March meeting concluded with the Fed opening the door to a June rate hike, and the minutes said that "several participants" went on record saying they expected upcoming economic data would warrant an initial rate increase that month.
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