Oil futures extended losses seen in U.S. trade Wednesday during Thursday’s Asian session as traders digested a couple of points of market speculation, neither of which is seen as healthy for oil’s near-term outlook.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery fell 0.52% to USD94.72 per barrel in Asian trading Thursday after losing 2.32% to settle at at USD94.85 a barrel in Wednesday’s U.S. session. That was good for oil’s biggest one-day drop this year.
Oil and other dollar-denominated commodities were hit with a wave of selling after Federal Open Market Committee meeting minutes indicated the Federal Reserve may begin winding down or even cease its asset-buying programs. Continue Reading....
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