Crude futures reversed their two-day climb today, swallowing a loss after the minutes from the latest FOMC meeting drowned hopes for additional monetary stimulus from the central bank. As the dollar strengthened on the news, crude oil for May delivery lopped off $1.22, or 1.2%, to settle at $104.01 a barrel.
Similarly, gold futures inched lower, as many speculators remained on the sidelines ahead of the FOMC minutes -- which were released after the commodity ended its regular session of trading. Gold for June delivery fell $7.70, or 0.5%, to land at $1,672 an ounce. In after-hours trading, following the Fed release, the precious metal extended its slide below the $1,650 level.
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