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Oil prices fell on Wednesday on expectations increased exports from Iran will add to a global supply glut and on rising inventories at the delivery hub at Cushing, Oklahoma. Tuesday's agreement on Tehran's nuclear program between six world powers and Iran is expected to result in the lifting of sanctions in early 2016 which have limited sales of Iranian oil for several years. Oil prices slumped even though U.S. crude stocks fell 4.3 million barrels last week, according to the EIA, as refiners’ boosted throughput to a record level. While the inventory slide was more than analysts' expectations for a decrease of 1.2 million barrels, the drop was less than the 7.3 million-barrel decline reported on Tuesday by the industry group API.
GOLD
Gold futures plummeted to its lowest level of 2015 amid a stronger dollar, as Federal Reserve chair Janet Yellen sent strong indications that economic conditions will justify an interest rate hike by the Fed at some point this year. In prepared remarks before Congress during her semi-annual Humphrey-Hawkins testimony, Yellen reiterated that the Federal Open Market Committee will likely raise its benchmark Federal Funds Rate later this year if it continues to see improvements in the U.S economy and labor markets.
