Oil slips further into bear market ahead of inventory data

22 June 2017, 05:20
Tamas Molnar
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Here's what everyone is talking about on Wednesday:

Oil slips further into bear market ahead of inventory data

Oil continued to edge down on Wednesday after West Texas Intermediate officially closed in bear market territory the prior session. U.S. crude officially closed down 21% on Tuesday from a $55.24 per barrel high touched on January 3.

Markets looked ahead to the U.S. Energy Information Administration’s release of its official weekly oil supplies report at 10:30AM ET (14:30GMT) Wednesday, amid expectations for a drawdown of around 2.1 million barrels.

Pound struggles to hold $1.26 amid political instability

The pound briefly dropped below $1.26 on Wednesday, passing below that level for the first time since mid-April when U.K. Prime Minister Theresa May called snap elections in what turned out to be a move that cost her Conservative party the majority in the government.

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