The commodity boom came to an abrupt end! Basic metals fell across the board, copper and nickel fell sharply, and crude oil fell three times in a row

The minutes of the Federal Reserve meeting show that the Federal Reserve may postpone interest rate cuts due to continued inflation, thus suppressing market expectations of interest rate cuts, and crude oil prices fell in response. Lun Copper closed down 4.05%, while Lunn Nickel fell 4.4%. Some analysts pointed out that the main reason for the decline in copper prices may be related to investors starting to make a profit settlement after copper prices hit a record high, recent weakness in copper demand, and a possible increase in copper production in Peru in 2024.

wallstreetcnMay 22 19:15 ET

Crude Oil Recedes Further, WTI Falls Below $78 on Rising Supplies and Cautious FOMC

WTI declines for a third straight day on Wednesday.

FXStreetMay 22 18:27 ET

Russia Pledges to Make Up for Crude Overproduction in April

Russia exceeded its crude production commitment for April and will soon present OPEC and its allies with a plan to make up for the extra output, the country’s Energy Ministry said Thursday.

Yahoo FinanceMay 22 18:03 ET

Oil Flattens Despite Heightened Tensions Over Recognition of Palestinian State

Norway, Ireland and Spain said they will recognize a Palestinian state on May 28.

FXStreetMay 22 07:39 ET

WTI Moves Below $79.00 Following Hawkish Remarks From Fed Officials

WTI Oil price extends losses possibly due to the hawkish remarks from Fed officials regarding maintaining higher rates for longer.

FXStreetMay 20 22:54 ET

Oil Prices Tread Water Amid Iran Uncertainty, US Rate Jitters

Oil prices edged lower in Asian trade on Tuesday, as markets were uncertain how the Iran President’s death could affect supplies, while traders feared that high U.S. interest rates will eat into demand this year.

InvestingMay 20 22:24 ET