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Crude oil prices plunged below $69 a barrel on Wednesday after Energy Information Administration data showed inventories unexpectedly climbed last week, leading to demand worries.
On its first day as the front-month contract, November crude oil settled at $68.97, down $2.79 on the session. Prices dipped as low as $68.57.
Crude oil inventories increased by 2.8 million barrels in the week ended September 18. A decline of 2.25 million barrels was forecast. Total motor gasoline inventories increased by 5.4 million barrels last week. A more modest rise of 800,000 barrels was predicted.
Later in the day, traders pondered the Federal Reserve's widely-predicted decision keep interest rates at zero to 0.25%. The Fed also repeated its promise to keep rates low for some time. At the same time, the Fed also gave a relatively upbeat assessment of the economy, saying that while weakness is likely to persist, conditions seem right for improvement.
The dollar was choppy with the euro, briefly touching a new yearly low of 1.4843 after the rate announcement before recovering the losses. The buck also slipped against the pound.
In other economic news, the Mortgage Bankers Association's market composite index rose 12.8% on a seasonally adjusted basis. On an unadjusted basis the index increased 24.6% from the previous week and 14% from the same week last year.
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