Commodity Market Today News
The Fed held rates and monetary policy at their current levels and the statement indicated that at least 6 members see only one rate increase in 2016. Their analysis of the current economic situation was pretty rosy, but they did reduce growth for 2016 to 2% in line with the World Bank outlook released a week ago.
CRUDE OIL
OPEC produced an estimated 33.2 million barrels per day during April, some 1.7 million more than last year, he said.Pessimism about the strength of the oil market recovery and concerns over the consequences of the so-called Brexit strategy dragged oil prices lower Wednesday.
A survey from Goldman Sachs described the recovery, however, as "fragile" given that many of the
supply-side pressures, notably in Canada, were easing.
Oil markets, already on the decline after OPEC reports the balance between supply and demand was unchanged month-to-month, weakened further early Wednesday.
GOLD
Gold is benefiting from mounting investor concern before Britain’s June 23 referendum,
which has sparked a slump in global stocks. The metal may hit $1,350 in the days and weeks following an exit vote,
Georgette Boele, an analyst at ABN Amro Group NV, said in a report.
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