Oil tumbled again, dropping to the lowest level since May as the U.S. Federal Reserve signaled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
West Texas Intermediate futures fell 3.7%, declining for a sixth straight day and sinking in tandem with equities and other commodities like copper and iron ore. The Fed delivered a fresh blow to crude, which had already been weakening as the delta virus variant hits demand in Asia. A surprise jump in U.S. gasoline stockpiles underscored the risks.
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