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Crude oil declines with commodities pressured by Fed’s plan

jwnenergy.com
 2021-06-18

Cover picture for the articleOil fell for a second day, dropping below $71 a barrel in New York, as the Federal Reserve’s plan for future interest-rate hikes derailed bets on commodities. West Texas Intermediate slipped 0.6 per cent after sinking 1.5 per cent on Thursday – the biggest drop in four weeks – amid a broad sell-off in materials from copper to gold. Investors are dialing back popular trades linked to hotter inflation after the Fed signaled it would raise rates twice by the end of 2023.

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