Oil futures fell Wednesday after a larger-than-expected increase in U.S. crude supplies, which kept inventories at their highest level in 80 years.
Light, sweet crude for March delivery CLH5, -0.04% dropped $1.78, or 3.9%, to $44.45 a barrel on the New York Mercantile Exchange. That was crude’s lowest settlement since March 11, 2009.
Brent crude for delivery the same month LCOH5, +0.27% fell $1.13, or 2.3%, to $48.47 a barrel on the ICE Futures Exchange. That was Brent’s largest one-day percentage decline in a more than week.
In other metals, platinum for April delivery PLJ5, -0.10% dropped $5.80 cents to $1,258.50 an ounce, while palladium for March delivery PAH5, -0.39% gained $15.55 to $796.30 an ounce.
High-grade copper for March delivery HGH5, -0.85% climbed 2 cents to $2.48 a pound.
Gold prices fell on Wednesday as the U.S. central bank reiterated its commitment to raising interest rates some time in the latter part of the year.
Gold for February delivery GCG5, -0.28% dropped $5.80, or 0.5%, to settle $1,285.90 an ounce but the precious metal pared some of its earlier losses after the Federal Reserve’s policy statement. March silver futures SIH5, -1.01% recovered to close flat at $18.09 an ounce.
