Crude Oil
West Texas Intermediate swung between gains and losses after crude stockpiles fell the most in five weeks in the U.S., the world’s biggest oil consumer. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 4.5 million barrels in the week ended Aug. 15, far surpassing expectations for a decline of 1.2 million barrels. The report also showed that total motor gasoline inventories increased by 0.6 million barrels, compared to forecasts for a decline of 1.6 million barrels, while distillate stockpiles fell by 1.0 million barrels.
Gold
Gold prices traded lower on Wednesday after the Federal Reserve's July policy meeting minutes revealed that rate hikes could come sooner rather than later if the job market continues to improve. The Federal Reserve voted to leave benchmark interest rate unchanged at 0.00-0.25% and added it would cut its monthly bond buying program to $25 billion from $35 billion at its July 29-30 meeting. Gold prices fell on the news, as Fed bond purchases and rock-bottom interest rates bolster the yellow metal's appeal as a hedge to a weaker dollar.
