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Commodity Capsule: Oil falls as rate hike expectations offset US stock draw
Commodity Capsule: Oil prices fell on Thursday, after posting the largest fall in a month last session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.
Both crude oil benchmarks have dipped to the lowest since September 14.
US Federal Reserve maintained interest rates after its Federal Open Market Committee meeting but stiffened its hawkish stance with a rate increase projected by year-end.
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A hawkish stance led to the US dollar surging to its highest since early March, placing downside pressure on oil prices.
EIA data showed U.S. stockpiles fell 2.14 million barrels last week, well short of the 5.25-million-barrel drop reported by American Petroleum Institute.
Gold prices dip as US Fed hardens hawkish policy stance
Gold prices retreated on Thursday as US dollar and bond yields powered higher after the Federal Reserve signalled another rate hike this year and tighter monetary policy through 2024 than previously expected.
Spot gold prices on Wednesday hit their highest since September 1 before the US Fed revised its economic projections with higher-for-longer rate warnings.
The US dollar index climbed to its highest since March 9.
Two-year Treasury yields rose to a 17-year high after the Fed held interest rates steady on Wednesday but stiffened hawkish monetary policy stance.
Base metals fall as dollar firms after hawkish Fed
Nonferrous metals fell on Thursday, weighed down by a firm dollar, with copper and lead additionally pressured by higher inventories.
The dollar index rose to its strongest since March 9 after the US Federal Reserve stiffened a hawkish monetary policy stance
Suppressing copper prices were inventories in LME warehouses rising to 155,700 tons, the highest level since May 2022.
LME cash copper contract was trading at a $64-a-ton discount to the three-month contract, the biggest discount since May 23, indicating abundant near-term supply.