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As Fed Meeting Looms, Oil Prices Plummet

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Oil stole the show in Asian markets Wednesday, taking second place to a bearish bond market. A glut of supply saw U.S. crude CLc1 sink 8% overnight, while Brent LCOc1 shed almost 6%. Reuters reports U.S. crude was last changing hands at $46.30 a barrel. That's its lowest since August, 2017. Brent’s 35% plunge since October is sending a disinflationary pulse through the world. That's only added to pressure on the Fed to abandon its commitment to yet more interest rate hikes. U.S. President Donald Trump on Tuesday warned the central bank not to “make yet another mistake."

Added on the 18/12/2018 19:47:41 - Copyright : Wochit

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