Oil futures surged above $104 to reach a one-month high, after the Energy Information Administration revealed that crude inventories posted an unexpected drop for the week ended May 16. By the close, the July crude contract had gained $1.74, or 1.7%, to settle at $104.07 per barrel.
As U.S. equities pressed higher, June gold futures lost $6.50, or 0.5%, to end the session at $1,288.10 an ounce. Following the release of the Fed minutes, they continued to lose ground.
Why OIH Is Finding Key Support at $52
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