Oil, Metals Slide on Budget Standoff as Stocks Fluctuate
Oil, Metals Slide on Budget Standoff as Stocks Fluctuate (Bloomberg)
Commodities investors are feelling pain. Oil and metals slid as the dollar rose amid concern the U.S. budget impasse will hurt the economy. U.S. stocks and Treasuries were little changed, with market observers expecting Janet Yellen not to withdraw stimulus anytime soon once she becomes head of the Federal Reserve. West Texas Intermediate crude oil sank 0.9 percent to $102.58 a barrel as of 9:56 a.m. in New York before a report forecast to show U.S. stockpiles grew. Silver, copper and gold lost more than 1 percent to lead losses in the S&P GSCI Index of commodities.