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Oil Posts Longest Losing Streak in 18 Months After Fed Report

  • Crude extends slump as China signals weakening global demand
  • WTI drops 2.7%, falling for sixth straight day; dollar gains
Bloomberg business news
Fed to Make Some Sort of Taper Announcement in 2021: State Street
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Oil fell for the sixth day in a row to the lowest level since May after the U.S. Federal Reserve on Wednesday signaled it was set to start tapering asset purchases within months.

West Texas Intermediate futures ended the session down 2.7%, dipping below $64 a barrel amid a broader commodity selloff as the prospect of reduced stimulus shook markets. The delta virus variant for air travel is denting demand, with enthusiasm for air travel waning in the both the U.S. and Japan. Asia’s physical market is softening with muted buying from China and a move by India to sell oil from its strategic reserves.